HOUSTON, Aug. 07, 2018 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (“NCS” or the “Company”), is pleased to announce that it has entered into a 5-year frame agreement with Aker BP ASA (“Aker BP”) for well-stimulation services on the Norwegian Continental Shelf. Work to be performed under the agreement is subject to individual purchase orders. Following a recent Valhall well completion that incorporated NCS’s Multistage Unlimited pinpoint hydraulic fracturing technology, Aker BP issued purchase orders for additional wells that are expected to be completed in late 2018 and 2019.
Aker BP and NCS both see potential to improve the efficiency and reduce the cost of offshore well completions using NCS’s Multistage Unlimited Technology. Max Sorenson, Senior Drilling Engineer, Aker BP, stated that the use of pinpoint fracturing can be a game changer in the North Sea, because of improved stimulation efficiency: “Using conventional plug-and-perf technology, we were limited to completing a single stage in 2.5 to 3 days. With the pinpoint technology we moved much faster, at one point completing four stages in 26.5 hours, a vast improvement.”
Tim Willems, Chief Operations Officer for NCS, said, “The recently completed Valhall well was the first offshore application of our pinpoint fracturing technology. We are grateful to Aker BP for the opportunity and for providing their resources and knowledge to ensure the success of the installation. We look forward to a continued partnership with Aker BP and their service providers to ensure safe, efficient, and predictable results.”
About Aker BP ASA
Aker BP is one of the largest independent listed oil and gas companies in Europe, measured by production. The company is the operator for Valhall, Ula, Ivar Aasen, Alvheim, and Skarv field centers on the Norwegian Continental Shelf. Additional information is available on the company’s website, www.akerbp.com.
About NCS Multistage Holdings, Inc.
NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies. The Company provides products and services to exploration and production companies for use in horizontal wells in unconventional oil and natural gas formations throughout North America and in selected international markets, including Europe, Argentina, China, and Russia. The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “NCSM”. Additional information is available on the Company’s website, www.ncsmultistage.com.
Chief Financial Officer
NCS Multistage Holdings, Inc.