Page 19 - NorthAmOil Week 27

NorthAmOil NEWS IN BRIEF NorthAmOil

“We’re delighted to partner with ECOVAP to At the wellsite, DS MicroSet is attached to and accessories in-house, DynaEnergetics
bring their amazing technology to bear on behalf the perforating string, which also includes per- ensures unmatched performance and the lowest
of our customers,” said Mark Ritchie, Tallgrass forating systems, and a plug. Using DynaEner- total cost of operations.
Water’s Co-founder and General Manager. “We getics’ Infinity Surface Tester, the field engineer DynaEnergetics, July 08 2020
piloted this technology at one of our locations, can confirm that the electrical connections in
and of all the water treatment technologies we’ve the setting tool and other perforating-string
evaluated over the years this is by far the most components are operational. Once the string is PERFORMANCE
exciting. It’s unique, it’s simple and it works – for deployed and reaches a predetermined depth in
municipal and industrial applications as well as the well, the DS MicroSet power charge is initi- Cordy Oilfield Services
energy. Most important, its low environmental ated from surface using DynaEnergetics’ Infinity
footprint aligns with Tallgrass Water’s commit- Control Panel, and the plug setting sequence is releases Q1-2020 results
ment to operating in a responsible and sustain- commenced.
able manner.” The single-use tool is fully disposable, reduc- For the three-month period ended March 31,
“In today’s business climate, who you partner ing time and labor associated with reclaiming 2020, Cordy’s consolidated revenues increased
with can be your most valuable strategic asset and redressing standard setting tools. DS Micro- by 48% from the comparative period in 2019.
and we found a great partner with Tallgrass and Set is the most compact setting tool available, Cordy’s consolidated operating earnings
their team,” said Jason Mendenhall, ECOVAP’s and does not require a firing head. It is designed increased $500,000 or 49% from the compar-
Chief Executive Officer. “Their world-class to perform seamlessly with DynaEnergetics’ DS ative period. Cordy’s net income was $900,000
people, operations and resources will bring the perforating systems, and is compatible with vir- for the three months ended March 31, 2020, as
ECOVAP technology to market more quickly tually any third-party plug. compared to $300,000mn for the three months
and effectively. We look forward to making a DS Liberator is a ballistic release tool (BRT) ended March 31, 2019, representing a 199%
positive impact on their customers.” that enables the wireline service company to dis- increase over the prior period.
Tallgrass Energy, LP is a growth-oriented engage from a perforating string that has become The Environmental Services segment saw
midstream energy infrastructure company stuck in the well bore. The patent-pending tool a significant increase in revenue for the three-
operating across 11 states with transportation, is installed at the top of the perforating string, month period ended March 31, 2020, from the
storage, terminal, water, gathering and process- and enables the service company to pull to the comparative period in 2019. The increase was
ing assets that serve some of the nation’s most safest working load of the cable while attempt- directly related to market share gains in the oil
prolific crude oil and natural gas basins. ing to free the string. If the increased tension is and gas sector. Cordy’s revenue consisted of 82%
ECOVAP is a pioneer in innovative wastewa- insufficient, an explosive release mechanism in oilfield services (2019 – 43%) in Q1. Overall,
ter solutions. The ECOVAP Evaporative Matrix™ DS Liberator can be activated, leaving a clean, operating earnings increased 49%. As a percent-
is a biomimicry wastewater solution that radi- retrievable neck onto which fishing equipment age of revenue, operating earnings remained at
cally improves the sustainability of an opera- can be attached. The tool, which is reusable until 19% in 2020 as compared to 19% in 2019.
tion. Unlike traditional approaches, ECOVAP activated, is triggered with DynaEnergetics’ Cordy’s results for the current quarter were
harnesses the power of Mother Nature to dra- Intrinsically Safe, wire-free IS2 TF initiator. At consistent with our expectations, despite the
matically accelerate evaporation, reducing costs, 12-inches in length, DS Liberator is the indus- major negative impact the COVID-19 virus
environmental risks and complexity. try’s most compact BRT. had on economic activity, and Cordy’s business,
Tallgrass Energy, July 08 2020 “Both of these products perform critical starting in mid-March. The Company’s opti-
functions at opposite ends of a perforating string, mism and initial forecast for a much improved
DynaEnergetics expands and also represent a significant advancement in 2020 has quickly soured as measures enacted to
product design, safety and performance ver-
prevent the spread of the virus have resulted in
portfolio of well perforating sus competing well-perforating tools,” said Ian global business disruption with significant eco-
Grieves, president of DynaEnergetics. “Consist-
nomic repercussions. These events are expected
solutions ent with our family of DS perforating systems, to continue to negatively impact Cordy’s busi-
DS MicroSet and DS Liberator enable customers ness for the remainder of 2020.
DynaEnergetics, a business of DMC Global, to simplify their business models. In addition to Despite the COVID-19 related challenges,
today announced the addition of DS MicroSet streamlining their vendor lists, customers can the Corporation believes its unique capital struc-
and DS Liberator to its family of Factory-As- minimise their reliance on storage and assem- ture, whereas its debt agreements contain no
sembled, Performance-Assured™ well-perforat- bly infrastructure, reduce inventory and supply financial covenants, and government programs,
ing products. These highly differentiated tools chain resources, and lower their investments in in particular the Canadian Emergency Wage
increase DynaEnergetics’ total addressable mar- working capital.” Subsidy, greatly enhance its ability to manage
ket within North America’s onshore unconven- Grieves added, “These new products reflect through the economic uncertainty.
tional oil and gas industry by an estimated 20%. our ongoing efforts to advance the unconven- Management believes the overall impact
The patent-pending DS MicroSet is a com- tional oil and gas industry from hand assembling and influence of the current economic condi-
pact, disposable setting tool used to install the components in the field to deploying factory-as- tions will continue to have a negative on impact
plugs that isolate stages in a multi-stage, uncon- sembled well perforating systems that deliver a on demand for the Company’s services for the
ventional oil or gas well. Like all of DynaEner- step change improvement in safety, performance remainder of 2020. The quantum of the impact
getics’ DS products, it is delivered directly to and profitability.” remains highly uncertain and will be directly
the customers’ wellsite or staging location fully DynaEnergetics’ innovative perforating sys- correlated to the capital spending of the Compa-
assembled, quality assured and ready for deploy- tems make a measurable impact on well pro- ny’s customers. Management has taken several
ment. It includes a pre-installed power charge, ductivity, completion cost and safety. As the only steps, including implementing aggressive oper-
and can be armed in seconds with a wire-free, global perforating manufacturer that designs, ating cost reductions, revising terms of its lease
Intrinsically Safe™ IS2™ IG Plug and Go™ igniter. manufactures and qualifies all of its equipment and lending agreements, and participating in

Week 27 09•July•2020 www. NEWSBASE .com P19