Dhahran, Saudi Arabia and Exeter, UK – 1 May 2013 – Saudi Aramco Energy Ventures LLC (“SAEV”), the corporate venturing subsidiary of Saudi Aramco, today announced an investment into AnTech Ltd, a UK-based developer of directional coiled tubing drilling (DCTD) products and services.
AnTech has developed and successfully tested two proprietary DCTD products, COLT™ and POLARIS™. These tools promise to provide better performance, ease of deployment, and lower cost of operation in directional coiled tubing drilling applications.
SAEV’s investment in AnTech has been made in partnership with Calculus Capital, the specialist UK private equity investor. Both parties have invested similar amounts and these injections will help AnTech take advantage of numerous growth opportunities.
SAEV CEO Ibrahim Buainain stated “We are delighted to announce this investment into AnTech. Saudi Aramco is today a significant user of directional coiled drilling tubing services and we believe that AnTech’s products will allow DCTD methods to be applied to a wider variety of applications with lower costs and improved outcomes. We expect that SAEV’s engagement with AnTech will accelerate the commercialization of its products and their adoption in the Saudi Arabian market”.
AnTech Managing Director Toni Miszewski said “We are delighted to have received the financial support of SAEV and Calculus to help us achieve our aggressive growth plans. In addition, the Middle East is a critical target market for our business and the backing of SAEV will help provide the credibility and support we need to bring our tools, services and skills to the region. We can now truly demonstrate the full potential and advantages of DCTD”.
About Saudi Aramco Energy Ventures – Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Arabian Oil Company (Saudi Aramco), the world’s leading integrated energy company. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.
For more information about SAEV, please visit www.aramcoventures.com
About Calculus Capital Ltd – Calculus, founded in 1999, is a specialist in creating and managing private equity funds for individuals. The firm’s range of Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) funds invest in UK unquoted companies. Calculus launched the UK’s first approved EIS fund in 2000 and its entrepreneurial flair, combined with experience and sound commercial judgment has resulted in an impressive track record of investment success.
For more information about Calculus Capital, please visit: www.calculuscapital.com
About AnTech Ltd – AnTech has been designing and manufacturing innovative products for the oil & gas industry for over 15 years. Throughout this time the company has developed significant expertise in coiled tubing, drilling and downhole measurement and sensing technologies. It is currently commercializing its proprietary COLT™ and POLARIS™ directional coiled tubing drilling tools, which have been successfully trialled in the field. The company is headquartered in Exeter, UK.
For more information about AnTech, please visit: www.coiledtubingdrilling.com