A pioneering oil and gas specialist in Cheshire has signed an investment agreement worth £5m with corporate venture capital groups BP Ventures, Schlumberger Ventures and GE Ventures to commercialise its technological innovations.
Under the terms of the investment into BiSN, the company will work with BP Ventures to develop a commercial portfolio of technology to be applied across BP's conventional, unconventional and deepwater portfolio. BiSN provides metal-to-metal downhole sealing services to the oil and gas industry.
Established in 2010, it operates manufacturing and assembly facilities at both Runcorn in Cheshire and Houston in Texas. With a focus on game-changing technology R&D, the company also undertakes specialist alloy development from its own UK laboratory. The Houston site opened in 2015 and comprises a 30,000 sq ft testing facility.
Using modified thermite heaters, BiSN's technology promises to reduce 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 ConocoPhillips as investors in the company.
Paul Carragher, chief executive of BiSN, said: "Our award-winning technology, Wel-lok M2M, provides innovative, downhole seal solutions across the spectrum of completions, intervention and abandonment projects. We believe BiSN presents a disruptive approach to standard well-sealing activity and by working closely with BP Ventures, we have the ability to deliver a structured qualification and commercialisation process for our patented portfolio of technologies."
Luis Alcoser, BP Ventures' upstream principal, said: "In addition to investing in digital technologies and lower carbon solutions, BP Ventures is committed to investing in the next generation of disruptive technologies that will transform how we find and produce oil and gas. BP is delighted to be working with BiSN on the commercialisation of technologies that have the potential to benefit BP's global upstream operations."
Stuart Moss and Alex Wilson of Rickitt Mitchell have advised Paul Carragher and BiSN since 2014 and this is the third successful funding round that has been completed. In addition to corporate financial advice, Moss and Wilson continue to provide strategic guidance and financial forecasting services to BiSN.
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