Sawafi invests in engineering solutions provider Vulcan

Alturki Holding’s oil and gas subsidiary Sawafi has invested in United Kingdom-based well completion solutions provider, Vulcan.

Vulcan provides application-based well completion solutions that are set up to withstand the world's most demanding wells within the upstream sector.

Rami Alturki, President and CEO, Alturki Holding and Chairman of Sawafi highlighted that the investment comes as an initiative of the company’s technology localisation roadmap. With the roadmap, the aim is to make newer opportunities available within Saudi's upstream sector.

“As part of our diversification strategy, we continue investing in new technology enablers, exploring more markets, and adding new products and services to our portfolio. Investing in Vulcan will further maximise the efficiencies of local upstream sector and support the Kingdom’s leadership in the global energy industry,” he added.

According to a report by Zawya, he also emphasised that the localisation of Vulcan’s expertise within the completions market will support Sawafi’s alignment with Aramco’s vision. In addition, it will equip it with a more integrated product offering across the well-life cycle, and help enhance the company’s research and development capabilities.

This investment is said to act in line with Iktva, a programme created by Saudi Aramco—a Saudi Arabian public petroleum and natural gas company. It will help baseline, evaluate and leverage increased levels of localisation in the Kingdom, said the report.

According to the report, Tarek Kachouri, MD Sawafi, stressed that the investment will strengthen the market position of Sawafi.

“Protected by a comprehensive portfolio of patents, the Vulcan products are technically differentiated, advanced, and applicable to all types of wells. The products are well-positioned to capitalize on Aramco’s direction to drill more complex wells such as offshore gas, HTHP, deviated, and multi-lateral” he said.

With this investment, Vulcan now bears access to a research and development center in Aberdeen, a technology hub for the Oil & Gas industry.

“Connecting the two energy-driven knowledge bases with Dhahran Techno Valley R&D facility will empower Sawafi’s technology capabilities and support the Kingdom’s localisation of technology. We are sure the inputs and assistance from the highly experienced Vulcan management team will also add to and hugely enhance Sawafi’s technical expertise,” added Mr. Tarek.