Ardyne, an Aberdeen-based well technology company, has announced a contract with Statoil for work within the North Sea.
The initial contract, thought to be in the region of £780,000, has the potential to be extended to include field testing with Statoil.
The company said it has been selected to for the design and development of a combined casing vibration and pulling system.
The agreement will support Statoil through the provision of modelling expertise and joint funding for the project.
Ardyne chief executive Alan Fairweather said: “We are excited to be working alongside Statoil to provide an innovative solution for stuck casing. We are proud to be leading the charge for innovative casing recovery solutions, by merging industry proven equipment with our new technology we have created something unique.”
“Our casing recovery toolbox has established a new industry standard and we look forward to continued collaboration with operators and oilfield service companies to find further efficiencies in their activities across the industry.”