Dhahran, Saudi Arabia - Monday, 07. November 2022
The investment will further enhance Sawafi’s technological capabilities and support KSA’s technological localization in the upstream sector
Alturki Holding’s oil & gas subsidiary Sawafi has invested in Vulcan, the UK based engineered solutions provider for well completion within the upstream sector. The company offers innovation and application solutions built to withstand the world’s most demanding wells. The company has multiple patents & trademarks granted or applied for and continues to introduce innovative products to the market.
Speaking about the development, Mr. Rami Alturki, President and CEO, Alturki Holding and Chairman of Sawafi noted the investment is part of the company’s technology localization roadmap, which aims to create new capabilities and opportunities within the Kingdom’s upstream sector.
“As part of our diversification strategy, we continue investing in new technology enablers, exploring more markets, and adding new products and services to our portfolio. Investing in Vulcan will further maximize the efficiencies of local upstream sector and support the Kingdom’s leadership in the global energy industry,” he added.
He further said the localization of Vulcan’s extensive engineering knowledge and technological prowess within the completions market will support the Sawafi’s alignment with Aramco’s vision, while equipping it with a more integrated product offering across the well life cycle, and help enhancing the company’s R&D capabilities.
Acting in compliance with Iktva, this investment will improve localization of focus areas under the initiative such as casing and cementing accessories; delivering on the Holding’s ambition of driving domestic value creation to support long-term economic growth and diversification in the Kingdom.
Mr. Tarek Kachouri, MD Sawafi, said the strategic investment in Vulcan will strengthen the market position of Sawafi and further build upon the company’s long-term vision of enhancing the self-sufficiency of the upstream sector, through local provision of services and products of the highest global standards.
According to Mr. Kachouri, Vulcan’s advanced completion products will find high applicability in the increasingly complex wellbore architecture being deployed by Aramco to solve arising challenges “Protected by a comprehensive portfolio of patents, the Vulcan products are technically differentiated, advanced, and applicable to all types of wells. The products are well-positioned to capitalize on Aramco’s direction to drill more complex wells such as offshore gas, HTHP, deviated, and multi-lateral” he added.
Developing Sawafi’s technical and R&D capabilities, the investment provides the company access to a research & development center in Aberdeen, a technology hub for the Oil & Gas industry. Coupled with Sawafi’s recent acquisition of US based directional drilling company Newsco, with its R&D center in Houston, the acquisition of Vulcan expands Sawafi’s R&D footprint to cover North Amercia, North Sea and Saudi Arabia.
“Connecting the two energy-driven knowledge bases with Dhahran Techno Valley R&D facility will empower Sawafi’s technology capabilities and support the Kingdom’s localization of technology. We are sure the inputs and assistance from the highly experienced Vulcan management team will also add to and hugely enhance Sawafi’s technical expertise,” expanded Mr. Tarek.
Mr. Ian Kirk Vulcan General Manager said: “Vulcan looks forward to this exciting partnership with Sawafi. Its investment will help Vulcan fast-track the Company’s growth in keeping with the world’s demand for energy. Our team has always led the way for the last 30 years with its unique designs and technology along with professional after sales service. The Company was founded by a team of industry professionals with extensive careers specializing in designing and manufacturing engineered solutions for the completions market within the global Oil & Gas Industry.”
About Sawafi
Sawafi Al-Jazeera Oilfield Products and Services Co. Ltd. (“Sawafi”) is a global leader in upstream technologies. Established in 2013, Sawafi is backed by the strength and reputation of its parent company, Alturki Holding Company, one of the top family-owned businesses in the Kingdom of Saudi Arabia, a premier investor, sustainability pioneer and key facilitator in the development of modern Saudi Arabia since 1975, with deep roots as a reliable partner to global oil & gas superpower Aramco. Sawafi solutions include drilling enhancement, intelligent completion products, artificial lift products, well characterization and visualization, well real time survey services, and artificial intelligence analytics and alerts.
About Vulcan
Vulcan Completion Products was founded by a team of industry professionals with extensive careers specializing in designing and manufacturing engineered solutions for the completions market within the global Oil & Gas Industry. Together the VCP team has well over a 150 years’ design, manufacturing & application experience and have been responsible for introducing game changing, innovative, patented products to the completions market over the past 30 years.
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Contacts
Anas Aljuraifani
Corporate Communications, Sustainability and Strategic Partnerships Director
anas.aljuraifani@alturkiholding.com
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