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SOURCE Peak Well Systems
ABERDEEN, United Kingdom, July 8, 2014 /PRNewswire/ -- Peak Well Systems ("Peak"), a leading provider of advanced downhole tools for well intervention, has acquired an exclusive worldwide licence from Aberdeen-based Xtreme Well Technology Limited ("Xtreme"). The 25 year licence grants Peak the right to use, develop and commercialise the proprietary MetaPlex® sealing technology for wellbore applications. The addition of MetaPlex to Peak's portfolio supports a growing demand for well barrier devices that meet the most stringent ISO14310:2008 V0 specifications.
MetaPlex technology is an innovative, high-performance, hybrid metal-elastomer seal which Peak plans to commercialise with a range of high pressure, V0 certified, downhole sealing systems.
The MetaPlex sealing element expands significantly further than conventional V0 sealing technologies but retracts to a smaller-than-original outside diameter (OD) and does not rely upon the memory of the elastomer to retract the seal for retrieval. It offers a much larger internal flow diameter compared to conventional V0 elastomeric seals, making it ideal for other applications where restricted flow is an issue. Furthermore, the dual metal seal design protects the elastomer element from hostile well conditions maintaining seal integrity even in the most extreme downhole environments ensuring improved reliability and retrievability.
With a well-established presence in key geo-markets, Peak's exclusive rights to MetaPlex technology will be a catalyst for further development of the company. MetaPlex is highly complementary to Peak's existing expertise in downhole sealing and will contribute to product portfolio expansion.
On announcing the agreement, Nigel Avern, Chief Executive of Peak Well Systems, said: "MetaPlex technology is an excellent fit with our existing portfolio of SIM flow control products and shares the same Peak values of being simple, safe and assured. Vital to Peak's vision is the development and successful market introduction of new winning products. This licence provides us with the opportunity to build upon our expertise in developing innovative well intervention and zonal isolation tools."
Robin McGowan, Chief Technology Officer for Peak, added: "The patented MetaPlex seal design is the product of years of research and development at Xtreme and represents an exciting breakthrough in downhole sealing technology. The innovative use of a compliant metal envelope with internal and external polymers provides a high expansion, high performance seal that is unique in the industry."
Peter Moyes, founder and Managing Director of Xtreme Well Technology, added: "Xtreme has an excellent reputation for technical innovation, quality engineering and putting our customers first. These are qualities which we also found in Peak, making the two companies well aligned from the outset of our discussions."
Peak Well Systems offers sales, rental and services through its Technology Centres in Aberdeen, Dubai, Kuala Lumpur and Perth Australia.
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