BiSN, a provider of metal-to-metal downhole sealing solutions, has signed an investment agreement worth £5m with corporate venture capital groups BP Ventures, Schlumberger Ventures, and GE Ventures.
Under the terms of the investment, BiSN and BP Ventures will work together to develop a commercial portfolio of technology, to be applied across BP’s conventional, unconventional and deepwater portfolio.
“Our award-winning technology, Wel-lok M2M, provides innovative, downhole seal solutions across the spectrum of completions, intervention and abandonment projects,” said Paul Carragher, CEO of BiSN.
Established in 2010, BiSN operates manufacturing and assembly facilities in both Runcorn, UK and Houston, USA. Using modified thermite heaters, BiSN’s technology reduces the heating time required for metal-to-metal sealant from hours to minutes, while eliminating the need for specialist wireline equipment, or restriction on deployment depth.
BP, Schlumberger, and GE join Conoco Phillips as investors in the company.