Sekal AS

Sekal AS develops innovative drilling automation solutions that improve efficiency, safety, and reliability in the oil and gas sector, utilizing advanced technology to optimize drilling operations globally. Founded in 2011 and headquartered in Stavanger, Norway, Sekal AS specializes in providing advanced drilling automation solutions for the oil and gas industry. The company has undergone strategic changes to enhance its technological offerings and market reach, and it was acquired by Sumitomo Corporation from Equinor Ventures in July 2019. The CEO, Morten Kelstrup, has been instrumental in driving the company's vision and growth.

Sekal AS specializes in advanced drilling automation solutions that enhance operational efficiency, safety, and reliability within the oil and gas industry. Their flagship products, including DrillTronics® and Drillscene®, provide real-time drilling diagnostics and control, enabling operators to optimize drilling processes through data-driven insights. The integration of these technologies allows for seamless operation between automated drilling systems and remote management, particularly exemplified in their collaboration with Halliburton to create the world’s first automated on-bottom drilling system. Sekal’s services cater to major clients such as BP and Equinor, focusing on regions with significant offshore drilling operations, particularly the North Sea and beyond.

By addressing the critical needs of drilling efficiency and cost reduction, Sekal positions itself at the forefront of the transition to drilling autonomy. In the most recent fiscal year of 2023, Sekal AS reported a revenue of USD 24. 79 mn and an EBITDA of USD 8. 85 mn.

The company primarily engages in B2B transactions with key players in the oil and gas sector, generating revenue through contracts for their advanced drilling technology and ongoing support services. These typically involve multi-year agreements for the deployment of their proprietary systems, including DrillTronics®, along with providing operational support, training, and 24/7 technical assistance to clients. Sekal AS is focused on expanding its market presence, particularly targeting new geographic regions that are experiencing growth in offshore drilling. The company is developing upcoming product releases aimed at enhancing drilling automation capabilities.

The recent acquisition by Sumitomo Corporation is intended to meet the evolving industrial demands and support Sekal's expansion strategy. The rationale behind this acquisition emphasizes the need to adapt to changing industry conditions and to contribute positively to global industrial development.