Red Spider Technology was formed in August 2003 when four guys with a ton of combined oil industry experience recognised a gap in the market. They saw an opportunity for an inventive and responsive approach to tool design and development and created a high quality reputable company to fit the bill. Downhole solutions commercialised on short time frames delivered significant savings to the clients supplied.
The industry can be resistant to change but due to the declining price of a barrel of oil some operators in the North Sea were looking for new ways of working to significantly reduce recovery costs and associated risks in carrying out intervention work. Red Spider responded to this shift in attitude by offering a range of tools that offered new solutions to some age old problems.
This philosophy was confirmed when the company launched its award-winning hRED, a semi-intelligent equalisation device that can be opened remotely without the need for intervention by the application of tubing pressure at surface. The success of the hRED inspired Red Spider to invest in a two year development programme of the eRED®; a downhole computer controlled valve that can be opened and closed multiple times by remote control, without the need for intervention, saving time, money and removing risk.
During this time an increasing revenue and international client base allowed us to grow in size culminating with a move into purpose-built headquarters in Westhill near Aberdeen with our Norway region also moving into larger new-build premises in Stavanger soon after.
Although good progress was being made with many of our products, it was the uptake of hRED and eRED technology that steadily exceeded expectations so we decided that this success story warranted a strategic focus. It was time to invest in the development of a range of tools based on the same tried and tested intervention-less technology. The Remote Open Close Technology product line now consists of eRED, eRED-FB (a tubing mounted, full bore version of eRED) and PowerBall® (a formation isolation valve).
The company took a bold decision in early 2010 to secure financial investment with specialist Oil & Gas investors in order to expedite our technology development and help accelerate the company's international growth. Together we're looking forward to fulfilling the company's real potential and high ambition. Mid 2010 was time to rebrand Red Spider to reflect the change within our business and our specific technology focus, the initiative again shows that we are a progressive bunch of entrepreneurs who never ever stand still.