Interwell is expanding its product portfolio and strengthening its position as a leading well-technology solutions provider with the acquisition of Iconic AS (“Iconic”).

Interwell has acquired 100 % of the outstanding shares in Iconic. The acquisition expands Interwell’s capabilities within digital well intervention and barrier verification, enabling digital data transmissions in the well and across barriers, and enhances Interwell’s position as a market-leading technology provider for the global energy industry.

Expanding Interwell’s offering

Interwell and Iconic’s technologies are highly complementary. The two companies have an established partnership wherein they have collaborated to offer market-leading barrier technology and real-time monitoring. With the acquisition, Interwell will be able to increase customers’ access to these combined solutions and accelerate the adoption and implementation of Iconic’s proprietary acoustic technology.

Interwell develops and offers sealing technology and well integrity solutions. The Company’s products help oil and gas operators to achieve the highest possible rate of recovery of hydrocarbons while reducing operational complexity, risk and environmental footprint. Existing wells make up the bulk of the activity, where the products are used throughout the well's life cycle, up to and including final closure. Interwell's products also have applications within energy transition end-markets related to gas storage (natural gas, CO2 and hydrogen) and geothermal wells.

Iconic is a technology company that develops and markets downhole acoustic digital transponders and solutions for the energy industry. The core technology, the Iconic Digital Transponder (“iDT”) system, enables cross-barrier monitoring and tool activation acoustically, wirelessly and in real-time without impacting barrier integrity. Iconic’s client base includes major international oil & gas companies.

‍

"We are excited to add Iconic’s technology to our offering. We strongly believe that the combination of Interwell and Iconic will enhance our ability to deliver safe and reliable barriers with continuous monitoring. Regulators and key customers are increasingly expressing interest in technology for real-time barrier verification to increase safety in operations and safeguard against harmful impact on the environment from abandoned wells. Under the Interwell umbrella, Iconic will get access to resources for further development, increased investment in new tools and global access to major oil and gas companies. We are looking forward to continuing the journey together with our customers to make the iDT system a best-practice” says Thormod Langballe, Interwell CEO.

‍

‍

‍

‍

"Interwell and Iconic are a great match. We are confident that being part of Interwell, with access to additional resources and expertise, will enable the Iconic team to further enhance the Iconic iDT technology and services benefitting both existing and new customers. This acquisition will further strengthen our integrated solutions offering and enable us to fully leverage Interwell’ s strong network, complementary technology and global infrastructure in the oil and gas industry creating a compelling set of capabilities for our customers” says Karl Kristian Johnsen, Iconic CEO.

‍

‍

‍

The Energy and Power Division of Piper Sandler Limited served as the exclusive corporate finance advisor to Interwell and Langsyn AS acted as the exclusive corporate finance advisor to Iconic on this transaction.

‍

‍

Read the full press release here

‍

Iconic is pleased to announce that Trond Eirik Dyskeland joins the team as our new Operation & Workshop Manager!Trond Eirik has over 20 years of experience within the O&G sector and is one of the furthermost experienced persons in the industry within Integrated Operations (IO) for well intervention.For the last 13 years, Trond Eirik has been working for Interwell Norway AS focusing on operation and IO solutions.All of us in Iconic are extremely pleased to have Trond Erik onboard leading us towards our target of being the greatest operational service provider in the industry!

Check out our latest mobilization for a Satellite Subsea Well in the North Sea. ROV deployed Wireless data capture sollution is ready to collect valuable data, enabeling increased suspension time and awareness of your barrier integrity.

Worlds First Barrier Monitoring with Wired Drill Pipe!

ICONIC has successfully performed the first run with the Wired Drill Pipe Adapter (WDP). During the operation, live communication was established with the WDP adapter while running in hole. Signals were received from the iDT (Iconic Digital Transponder) below the 13 3/8in casing plug that was installed during the batch campaign eight months ago.

The data stream was displayed on the NOV WellData system.Before releasing the casing plug, the WDP adapter in conjunction with the iDT transmitted valuable pressure data from below the barrier leaving the operator to establish correct overbalance on the casing plug before releasing the barrier.

Did we mention that the operation was performed without Iconic personnel on site?

ICONIC continues to deliver state of the art IO service to the industry!

Read more about the position here:

- VP Sales and Business Development
https://www.finn.no/job/fulltime/ad.html?finnkode=264740084
https://q-10.recman.no/job.php?job_id=285283#

‍