Gryphon Oilfield Solutions LLC said on Jan. 3 it has secured an investment to support its continued technological advancements in the completions and down-hole tool sector of the oilfield service industry.
The capital investment comes from Saudi Aramco Energy Ventures, the corporate venturing subsidiary of Saudi Arabia’s national oil company, and CSL Capital Management, a private equity firm with multiple interests in energy and oilfield service companies.
The funds will be used to significantly expand Gryphon’s rapidly evolving dissolvable tool portfolio and support on-going commercialization activities.
“Gryphon Oilfield Solutions is excited for the opportunity to work with Saudi Aramco in developing the next generation of completion tools,” Ben Weber, CEO of Gryphon, said.
Gryphon said its primary focus is on developing “solution-based” technology that addresses challenges facing operators in conventional and unconventional oil and gas plays around the world.
“The integration of dissolvable metals and elastomers will be the driver to lower completion costs without sacrificing reliability. This partnership will drive our tool development to meet the needs of difficult environments and deliver completion solutions that will be useful throughout the world,” Weber added.
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