Aberdeen-headquartered Exceed, the well management and performance improvement specialist, has reported a positive outcome during 2020, despite the challenges faced during the past 9 months.
In addition to on-going wells management, decommissioning and performance improvement activity in the UK, Norway, Mexico, West Africa and the MENA region, the company has announced UK and international contract wins worth a total USD 16 million, due to commence late 2020/early 2021.
These include a three-well North Sea subsea development, multi-well exploration projects offshore Africa, managed pressure drilling (MPD) services (Mexico and North Sea) and multiple performance improvement campaigns in the UK and Mozambique.
The company, which was listed as one of the Sunday Times Fast Track 100 companies 2019 and London Stock Exchange Group’s “1000 Companies to Inspire Britain, 2020” has also made its mark on the development of alternative commercial models including an integrated well delivery solution and rig sharing consortia for fixed cost exploration/appraisal wells and decommissioning.
Discussing Exceed’s approach to recent events, Managing Director, Ian Mills says, “Following hard on the heels of the 2015-18 downturn, 2020 has proved difficult for all those active in this industry. However, despite the inevitable hit on revenue, our response has been to strengthen the company via a continued strategy of investment, diversification, service partnering and repositioning for the future of the offshore energy market.”
Reflective of this strategy has been the launch of not one, but two international entities with Exceed Mexico and Exceed Norge commencing trading earlier this year. Together with the launch of a Subsurface service, designed to lead clients’ energy transition via carbon mapping, CCS, blue hydrogen and geothermal well activity, these developments have seen the company re-invest in the region of USD 1.3 million during the course of year.
Mills continues, “We are delighted to have won several major contracts with new and returning customers alike, but also take a moment to recognise that our key UK clients remained loyal and supportive during extended periods of uncertainty, and our fully-retained team has managed multiple on-going projects with zero interruptions, despite the pandemic restrictions. Investment in a global 24/7/365 IT infrastructure, long before the COVID-19 pandemic struck, has enabled critical business continuity to the benefit of our clients during these difficult months and beyond.”