Calgary, Alberta – (COMMERCIAL THREAD) – Cold Bore Technology Inc. (“Cold Bore”), the leader in fracturing completion automation and platform technology, today announced record growth in 2021 in key areas including new customers, revenues, team size and technology infrastructure.
During the six months of April to October 2021, Cold Bore experienced unprecedented demand for its completion platform and SmartPAD control system, increasing deployments by more than 38% from the previous semester. SmartPADs have been installed in the operations of five new American basins, in particular; DJ Basin, Utica, Scoop Stack, Delaware and Haynesville, which means technology capable of interconnecting and automating completion operations is quickly becoming a de facto completion operating system for producers at 12 major shale deposits. in the United States and Canada.
Along with the increased adoption of its technology, Cold Bore also saw its revenue increase by over 43% during the period and the number of full-time employees increased by 70%.
“Having a standardized master control system has quickly become a key differentiator in successful completion and is rapidly moving the industry towards fully automated operations,” said Brett Chell, CEO of Cold Bore. “We are committed to ensuring that we always have the best hardware, software and talent qualified to meet the demand we see and play our part in changing the industry, making it safer, more clean and more durable. ”
Cold Bore is leading a major shift in the completions (fracking) industry to a new operating standard by providing oil and gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is a fully integrated, end-to-end plug and play completion platform. Acting as a central control system and connection point, SmartPAD automatically tracks an independent and comprehensive multiservice time stamp for the entire operation. Second per second, the SmartPAD standardizes all data collection, visualization and communication between departments and the operator. It’s the universal connection point to end all the difficulties of data and protocol variability with a one-size-fits-all approach that makes formatting every pad as easy as “plug and play”.
The latest growth figures follow Cold Bore’s $ 14 million financing round led by bp ventures with participation from the Canadian Business Growth Fund (CBGF).
About Cold Bore
Cold Bore Technology Inc. (“Cold Bore”) is a world leader in completion optimization technology, developing the first completion operating system through the Cold Bore SmartPAD service.
For more information, please visit – https://www.coldboretechnology.com