Oil well technology specialist closes £4M round

Funding round closed

Futuretec, which develops specialist equipment and technology for oil well construction, closed a venture capital funding of £4 million from Scottish Equity Partners and Energy Ventures III LP.

The company’s technology offers significant advantages in the process of casing oil and gas wells, reducing risk and maximising operational efficiency. This is becoming increasingly important given record oil prices and rising drill rig costs.

Futuretec’s first commercial product, Turboblade, is being used successfully in the North Sea, the Middle East and continental Europe.

Lance Davis, CEO of Futuretec, said, “We are delighted to have attracted backing from SEP and Energy Ventures, who are experienced and highly-regarded investors in the energy technology sector. The new funds will enable us to expand our international sales network for existing products and to complete the development of innovative new casing technologies.”

David Sneddon, a partner in SEP said, “Futuretec is an exciting new addition to SEP’s energy investment portfolio. It is led by an experienced management team and its products address a growing need for new technology solutions in the global energy sector.

Leif Andre Skare, a partner in Energy Ventures said, “Futuretec has a significant opportunity to capitalise on strong international demand. Its first product has proven to be highly effective and has been well-received in the industry. It has a strong pipeline of products under development.”