A year in review: Ace Oil Tools
Updated: Aug 8
Commentary by Espen Sørbø, CEO, Ace Oil Tools
As we come to the end of another year, I’d like to take the opportunity to reflect on the last twelve months, while outlining our strategy for the year ahead. 2022 has been a year where we have illustrated our commitment to finding new ways to help our customers save time, money and improve their operational efficiency.
It has also been a year where we have further highlighted our ambition to fully play our part in supporting the ongoing energy transition, helping our clients to navigate the challenges and opportunities it presents as we do so.
Looking ahead, we are confident that the energy sector will continue to evolve and adapt to the economic and external headwinds that it must constantly face. While these challenges will always persist, it does help to illustrate the talent, dedication and hard work of those operating in the sector to overcome them.
It's also important for me to note that we have seen gradual changes in the market this year that shows that a real understanding of the value of our downhole products, and I fully expect this to grow in the new year.
By concentrating our efforts on using our core technology also in the completion segment, I believe we are now a genuine game changer and one that challenges the established within downhole technology. By taking this approach, we will continue to ensure our ability to respond to industry requirements at pace, leading the forefront of technological advancement as we do so. All of us operating in the sector will benefit as a result.
A decade of operations
You may have seen that this summer saw us celebrate ten years of Ace Oil Tools. Over the last decade, we have grown and evolved to become a leading provider of downhole tools and services. Through innovation, hard work, and a commitment to meeting the needs of our clients, we have been able to overcome industry challenges and develop a strong global presence. We look forward to continuing to reach new markets over the coming 12 months, and I strongly believe that we are in the best possible place in which to do so.
I have long argued that one of the key factors behind the demand for our products, and by association our company growth, has been the development and launch of the Ace Ratchet Collar (ARC). This patented device has served as a catalyst for the business to grow and has helped us to establish ourselves as a leading provider of downhole tools. After extensive research and development, we were able to create a system that was easy to use, durable, and effective. The result was the ARC, which has become a key part of our product line and has helped us to support our clients across the globe.
Today, we are proud to be able to count installations on five continents and in over 30 countries to our name. We remain committed to innovation, and to helping our clients to save time, money, and improve their operational efficiency. Looking forward, we are excited to continue our growth journey while evolving as a company, helping our clients to meet what have always been ever-changing demands as we do so. This year has seen a particular focus on key regional growth across key markets. We will continue to focus our efforts next year on supporting operators in this region for all their completion requirements.
Supporting the energy transition
The energy sector is currently facing its greatest challenge yet in the form of the ongoing energy transition. However, it will also present several opportunities and we are looking to take advantage of these.
As part of that, during this year, we have become increasingly aware of the need for all those in the industry to do their part in supporting this transition. This means taking a close look at how we conduct our activities and revaluating our internal processes. The onus is on all of us to do what we can, so that’s exactly what we did.
I wrote earlier this year about how proud I was of the work we have done to improve our environmental performance reporting. This saw a great deal of time spent examining our operational procedures and developing more sustainable practices. We know that there is still much work to be done, but we are committed to continuing to document and evaluate our emissions and environmental impact. By doing so, we will not only make better and more responsible choices for the future, but we will support our customers to do the same. This will remain a key part of our vision over the coming years.
A vision for 2023
Innovation has always been at the heart of our business, allowing us to meet the changing needs of the energy sector. As the need for automation grows, we remain committed to being a leader in downhole technology, and to developing cutting-edge solutions for the industry. With this context in mind, I expect to announce more news regarding fully automated operations in the new year that will revolutionise the completion market.
This year has seen us continue to build a dedicated and experienced team, and our ability to work together has directly led to company growth. Looking back on 2022, I am proud of all that we have accomplished, and we look forward to continuing to grow and innovate in the years ahead, supported by a close-knit and talented workforce.
All that remains to be said is for me to take this opportunity to thank our employees, customers, stakeholders, and partners for our work together this year. We would not be where we are today without them. As we look to the future, we are confident that we are well-positioned to continue to thrive, and to support our clients as they face the challenges and opportunities that the energy sector presents.
I wish you all a happy and healthy festive break, and I look forward to working again with you all in the New Year.