10 years ago this month Ace Oil Tools was founded. The company was born from the belief that not all downhole products were created equal. We held the strong belief that it was possible to create an easy to install solution that could reliably anchor tools to tubing with an extremely high holding force.
So that’s exactly what we did. We’ve stayed true to the guiding belief that we can do better, and this has led us to the strong position we are in today.
How do you celebrate a decade in business? The team have some big plans in place that clients and stakeholders will hear about over the coming weeks, and we look forward to celebrating our success with those who helped us get to where we are today. For now, I want to take the opportunity this month to look back on some of the key milestones and company achievements over the last few years.
The story so far
During the last ten years, we have innovated, overcome industry challenges, evolved our brand, developed new products to meet the needs of the sector and supported our clients across the globe with their well completion requirements. We were founded from the belief that we can do better, and we are proud that we can demonstrate to have done this.
We have constantly striven to find new ways to help our customers save time, money and improve their operational efficiency. Looking from where we have come from, we can now count installations across 5 continents and in more than 30 countries to our name.
But every story needs a beginning and ours starts with the development of the Ace Ratchet Collar (ARC). Simply put, its development and launch has served as the catalyst for our growth and continues to serve as the starting point for the creation of our products.
Creating a device like the patented ARC took a long time, but we were committed to making it happen. Its development was driven by the motivation to improve the daily operations of our clients. At the time, we were aware of the considerable shortcomings of the market’s stop collar offering, particularly with the limited application of those available.
We took the time to understand this and the ARC’s development was driven by a strong emphasis on avoiding and mitigating technology-related issues. This saw us create a system that could deliver what was required but that contained few moving parts. It was a challenge, but one which I am proud to have pursued. The solution today provides exceptional durability and lowers the likelihood of what could otherwise be expensive corrective work.
Embracing core values has driven us forward
From day one, we knew we had to introduce and work to a key set of values. These still drive us forward today.
For example, not only are we accountable to our customers, but we also work closely with them to proactively identify solutions to their well challenges. This approach ensures that we can establish and maintain strong relationships. We also continue to foster a culture of innovation, constantly looking for ways to change what can be done and introduce new solutions to meet the needs of an ever-changing sector. Stakeholder collaboration has supported this, and I am confident that it will continue to do so.
Our core values also allow us to respond to opportunities, as and when they arise. Within a regional context, the Norwegian Petroleum Directorate noted a high level of activity on the Norwegian shelf in the first half of 2022. While we take a cross-regional approach working with clients across the globe, we will remain well-placed to take advantage of these opportunities closer to home. We look forward to continuing to doing so.
Supporting the energy transition is more vital than ever
The ongoing energy transition is the biggest challenge facing the energy sector and to suggest otherwise would be disingenuous. Over the last ten years, we have been increasingly aware of the need for all of those in the industry to do what they can to support what have always been ambitious targets.
From reviewing how activity can be undertaken, to reevaluating internal processes, the responsibility must fall upon us all. With that context in mind, one of my great sources of pride as I look back on the last ten years was when we laid our cards on the table to illustrate what we were doing. While our principles are centred on accountability and innovation, this relates to more than simply our products and services; it also pertains to our environmental duty.
Last year we took a great deal of time to examine our operational procedures and develop more environmentally friendly processes. For example, by enabling digital training and installation we reduced our C02 emissions by 49.8%, saving more than 80 tonnes of CO2 since 2018.
Looking back, we have also seen that the demand for remote training and customer installations has steadily increased, with more than 60% of our installations taking place remotely last year. With customers now able to collect products directly from the manufacturer themselves, freight miles and subsequent CO2 emissions can be cut as a result of more direct deliveries.
But we know we are only at the start of our journey. With a commitment for self-analysis and reflection, we will continue to document and evaluate our emissions and environmental impact to better understand where we’ve come from and the decisions we take going forward. This will continue to form a key part of our vision to enable ourselves and our clients to make better and more responsible choices for the future.
Looking towards the next decade
By embracing innovation, we have ensured that the business can always meet the requirements of an ever-changing sector. If a unique challenge exists, we have always worked tirelessly to deliver success. This will continue.
I believe that the market now understands the value of our downhole products and as the need for automation increases, this will only grow over the coming years. We remain dedicated to being the driving force behind downhole technology, concentrating our efforts on advancing cutting-edge solutions for the sector. This position has facilitated our capability to respond to industry requirements at pace and has positioned the company at the forefront of technological advancement.
I think all of those operating in our field understand that the energy sector will continue to face internal and external pressures and challenges, but we are well placed to weather these if and when they arise. Over the last ten years, we have developed a dedicated, tight-knit and experienced team. Our ability to work as one has provided a strong foundation for growth, but also when facing up to economic and sector headwinds. I am confident that we can continue to do so, if and when required.
I have taken the time to look back here but I do feel it only right that we give ourselves a moment to focus on the now, as we celebrate 10 years of Ace Oil Tools. Our team has grown, our global footprint has increased, and our product line has expanded. We have achieved so much in that time, and I look forward to seeing where our ambitious plans and strategy take us over the coming years.
All that remains to be said is thank you. Thank you to our employees, customers and stakeholders; to our partners and all those who have helped us get to where we are today. We would not be where we are without you.
And so, I’ll raise a glass to celebrating a decade as the holding force in downhole technology. I hope you will join me in doing so.