Shoaibi Group Sells Portfolio Company Flotech

Al Khobar Saudi Arabia, in December 2009 Shoaibi Group announced that its Saudi Arabia based portfolio company, Flotech which provides unique sand face completion technologies, including a full suite of Inflow Control Devices (ICD's) along with isolation packers, has been sold to Tendeka for an undisclosed amount. The acquisition complements the existing Tendeka family technologies which combine digital monitoring solutions provider, Sensornet, swellable elastomers experts, Swellfix, and wireless well communication and downhole instrumentation specialists, well technology. Tendeka’s aim is to consolidate specialist solutions for increased efficiency in well completions and production. The Flotech acquisition represents the next step in their strategy of providing customers with enhanced integrated production optimization solutions.

Founded in 2007, FloTech is an innovative reservoir completion company with proprietary technologies. The Company’s vision is to improve petroleum well efficiency through reservoir completion products, namely inflow control devices and mechanical packers, which combine design simplicity with superior performance. Flotech was committed to serving the needs of national oil and international oil companies in the region and beyond, and has already gained approvals for its primary product lines with Saudi Aramco.

It has already been awarded contracts from National Oil Companies such as Saudi Aramco & Sonatrach.

Flotech has become a major success story in less than two years for Shoaibi Group and is strong reflection of Shoaibi Group’s capability to invest and support such pioneering technologies.

For more information please visit: www.tendeka.com