EV portfolio company, FourPhase, reaches ambitious growth targets
Norwegian based production solutions firm, FourPhase, has reported a substantial growth in revenue and staff numbers, as it seeks to expand further in 2019.
Revenue jumped by 76% from 2017 to 2018. During that period, FourPhase also recruited an additional 12 employees, expanding their workforce to 52 people.
FourPhase has been active in the UK market since 2015. Early this year, FourPhase confirmed its position in the UK market by opening a new office in Westhill, Aberdeen which currently has seven employees. Further recruitment is anticipated later in 2019.
FourPhase’s unique, patented solids removal systems help Operators increase production, while reducing the cost per barrel. Their products continue to enable Operators worldwide to continuously tune well performance, turning the management of solids – such as sand – into a critical factor for improved oil recovery (IOR) and reducing the unit operating cost (UOC).
Øyvind Heradstveit, FourPhase CEO said: “2018 has been a year of growth and considerable activity as we help our customers realise full potential implementing our technology and digital monitoring tools. Our strategy to grow intervention operations and increase the number of permanently installed production systems internationally, has been very successful.
“Over the past year we have increased our international presence in the UK, Malaysia, Oman, Trinidad and we´re now about to enter USA, delivering significant sales growth and a positive bottom line performance. We are also very proud to report that we experienced zero injuries in our global operations during 2018.
“2019 is shaping up to be equally exciting. We look forward to introducing new digital tools for managing solids and understanding reservoir behaviour. With new facilities in both Bergen and Aberdeen, an efficient supply chain and a stronger team than ever, we will continue to deliver outstanding solids removal technology to the market.”
FourPhase is a portfolio company of EV Private Equity, a global oil and gas specialist investor with offices in Stavanger, Houston and Aberdeen.
For more information visit www.fourphase.com