Funding for oil

Futuretec has secured £4m of capital funding from Scottish Equity Partners and Energy Ventures to support its global growth strategy within the completion technology market.

The company’s technology delivers enhanced performance in casing operations, which is becoming increasingly important against record high oil prices and rising drill rig costs. Futuretec’s first commercial product, the Turboblade, is currently being used in the North Sea, Middle East and Europe.

Chief executive Lance Davis said: ‘The new funds will enable us to expand our international sales network for existing products to complete the development of innovative new casing technologies.’

Energy Ventures managing partner Ole Melberg added: ‘Its first product has proven to be highly effective and has been well received in the industry. It has a strong pipeline of products under development and a management team with a track record for delivering results.’