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Diversification pays dividends as PE-backed Silixa delivers 96% year-on-year growth

Strategic expansion combined with strong performance in energy and mining driven by the introduction of the Carina® Sensing System nearly doubles turnover to £20.35m

London, UK, 22 October 2020: Silixa, the specialist service company delivering distributed fibre optic monitoring solutions for the world’s most demanding data acquisition challenges, has announced 2019 as a breakthrough year for the firm’s financial and strategic performance.

Backed by Lime Rock Partners, Chevron Technology Ventures, and Equinor Ventures, the company’s global turnover grew by 96% to £20.35m. In the same period, profit margins also increased from 48% to 51% and EBITDA grew to £2.75m despite significant reinvestment into the business.

CEO, Glynn Williams, credits the company’s diversification strategy with its success: “Since 2007 Silixa has focused on serving the oil and gas sector, deploying and developing the highest quality distributed fibre-optic sensing-based monitoring solutions on the market. In 2019, we doubled down on our diversification strategy, entering sectors in need of accurate monitoring solutions like ours, but which were historically underserved. The speed and extent to which that strategy has paid off points to just how much benefit these markets get from technology like ours.”

The firm now operates across five sectors outside oil and gas: alternative energy, mining, environment and earth sciences, infrastructure, and defence. Key elements of Silixa’s success included the adoption of the innovative FibreWrap™ process flow metering system by the mining sector, and the transfer of oil and gas micro-seismic solutions to improve the efficiency of geothermal power production. The Carina® Sensing System has been introduced as an innovative and cost-effective solution for long-term monitoring in the rapidly emerging carbon capture and underground storage (CCUS) market.

With greater diversification in 2019, 44% of revenues came from non-oil and gas operations, with the environmental and infrastructure division alone growing by 136%. Silixa’s heritage in oil and gas continued to deliver however, with 109% sales growth, driven by the award winning Carina® XwellXpress™ hydraulic fracking diagnostic service and Carina® Subsea 4D solution for offshore and deepwater sectors.

Williams continues: “2019 was a landmark year for Silixa, but we haven’t faded in 2020. The Silixa team has done a tremendous job in responding quickly to create a Covid-Secure working environment for our manufacturing activities and uninterrupted service to our customers. The pandemic has had an impact on the unconventional oil and gas sector, however our orders have already returned strongly as customers recognise the quality of actionable frac diagnostic data from our XwellXpress logging service. In our other sectors, we are still growing and delivering large, long-term projects, so fortunately we have been protected from the COVID-19 fallout. In fact our operational footprint has now extended to all seven continents. Our customers tend to be sticky: once they start working with us, they rarely interrupt that.”

The business has taken steps to ensure that 2019’s success is replicable in the long-term, investing heavily in new products, R&D and organisational development. Improved working capital management has also delivered a £2.8m increase in net assets over the same period.

Alison Goligher, Silixa Executive Chairman, adds: “The current complex macro environment is accelerating the energy transition, and data driven solutions will be essential for our customers. For example, the base metal miners, dam owners and CCUS asset owners all need to be able to justify safe, compliant operations as well as minimising operating costs. Silixa is a prime example of a company that has pivoted into the ‘new’ energy world without losing sight of its heritage. Performance like this is testament to the technology, the management team, and their strategic vision.”

 

About Silixa

Addressing the most critical measurement challenges in the energy, subsea, infrastructure, environmental, mining and defence sectors, Silixa delivers data driven solutions from distributed fibre optic monitoring arrays with the highest performance in the industry. The Silixa team’s sector-matched expertise coupled with the highest possible data quality enables the company to provide customers with actionable information and reliable services to optimise production and maximise value throughout the life of any asset. Visit the company’s website at www.silixa.com or connect with Silixa at Twitter, LinkedIn and YouTube.

Media contact:

Gina Elesztos

gina.elesztos@silixa.com

 

 

2020-10-30T18:03:47+00:00October 22nd, 2020|News|

Silixa strengthens its commitment to help accelerate the energy transition with new appointment

Silixa is pleased to announce that Ian Hunter has joined the company’s UK branch in the capacity of Business Development Manager – Alternative Energy, effective immediately.

Ian joins Silixa with 15+ years’ experience gained in various roles both offshore and onshore with Expro Group, Baker Hughes, Subsea 7 and DOF Subsea. He brings strong technical expertise and domain knowledge of both oil & gas production and emerging alternative energy resources. He has previously held responsibility for assessing the significant potential of emerging offshore renewable markets and worked within a team to successfully deliver the first project wins in this sector.

“I am delighted to welcome Ian to our team,” said Glynn Williams, Silixa’s CEO. “While a global energy transition is undeniably underway, further action is needed to reduce carbon emission and mitigate the effects of climate change. Innovative technologies, such as Silixa’s distributed sensing-based solutions, speed up the transition towards a zero-carbon future by enabling new applications or improving the efficiency of existing ones. We are dedicated to support and accelerate this transition and I believe Ian’s expertise will drive our commitment to delivering highly reliable monitoring solutions in the alternative energy sector, primarily in the geothermal and wind energy markets.”

Ian holds a BSc in Chemistry and Geology from the University of St. Andrews, Scotland.

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2020-10-21T20:13:01+00:00October 21st, 2020|News|

Silixa’s innovative solutions win 2020 World Oil awards

On October 15, 2020, at the 2020 World Oil Awards, Silixa garnered significant industry recognition by winning the prestigious World Oil award in two categories: in the category of Best Deep Water Technology and New Horizons Idea.

The Best Deep Water Technology award for the company’s Carina® Subsea 4D solution, the world’s first permanent ultra HD in-well seismic data acquisition system for subsea wells which allows operators to perform more frequent seismic acquisitions at a much lower cost, enabling them to accelerate production and increase ultimate recovery, was accepted by Garth Naldrett, Chief Product Officer.

“To be receiving this award today makes us extremely proud. Our Carina Subsea 4D system provides a vast amount of real-time data in an environment that normally only had a few measurement points available. This provides a big improvement in the efficiency of developing subsea fields not only for hydrocarbon extraction, but possibly even more importantly to ensure and monitor the safe storage of carbon in subsea fields. We would like to thank our customers, partners, our development team who spent many years to develop this technology, our dedicated operations team and of course World Oil. “

The New Horizons Idea award was presented to Silixa for its  Carina® XwellXpress solution.  This low frequency strain and microseismic monitoring service accurately locates microseismic and strain events in real-time through cost-effective and flexible wireline intervention, allowing operators to improve stimulation and completion designs that maximise ROI without the need to place permanent cables in the well. The award was accepted by Pete Richter, Vice President North America.

“It is absolutely amazing to have won the award. Silixa has always been in the forefront of innovation in distributed fiber optic sensing. When we had the first test results from Carina XwellXpress we knew we had something that could potentially change the industry. It has definitely been a team effort and I would like to thank our founders and the technical team who had developed the Carina® Sensing System as it is this system that enables us to provide unmatched data quality. I would also like to thank our management, our field people and all the operators we were involved with during the process of developing this game-changing service. They had a tremendous impact, and the service is what it is today because of them. On behalf of Silixa I would like to say thank you for this award; it is truly a great honour. “

Recognized as one of the industry’s most coveted, World Oil Awards recognize the innovations and innovators of the global upstream oil and gas industry. All awards demonstrate technical achievements that move the industry forward.

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2020-10-16T12:48:33+00:00October 15th, 2020|News|

Robert Greenaway joins Silixa’s UK branch as Product Manager – PRM

Silixa is happy to announce that Robert Greenaway has joined the organization in the capacity of Product Manager – Permanent Reservoir Monitoring.

Robert joins Silixa with a rich experience in oilfield technology and fibre optic sensing. His technical and operational expertise will make him a real asset to the team and will help drive the growth of the company’s permanent monitoring business as it continues to expand in both the onshore and offshore markets.

“I am delighted to welcome Robert to our team”, said Garth Naldrett, Chief Product Officer. “He joins Silixa during an exciting time. Reducing personnel on site, lowering operational costs, enhancing development opportunities, and reducing the carbon intensity of assets by adopting permanent reservoir monitoring techniques has never been more important. I believe Robert’s extensive experience will enable us to continue to build our reputation in the permanent monitoring sector where our innovative fiber optic sensing-based solutions are optimising production, improving recovery and ensuring integrity.”

Robert has spent over 20 years with leading energy companies. His career has covered a wide range of disciplines, including management of international operations, global product line management and engineering.

About Silixa:

Silixa delivers data driven solutions from distributed fibre optic monitoring arrays with the highest performance in the industry. In 2019, the company launched its Carina® Subsea 4D solution, the world’s first permanent ultra HD in-well seismic data acquisition system for subsea wells. The system allows operators to perform more frequent seismic acquisitions at a much lower cost, enabling them to accelerate production and increase ultimate recovery.

In September 2020, Carina Subsea 4D was named as one of the finalists for the prestigious World Oil Awards in the Best Deepwater Technology Award Category.

 

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2020-10-13T09:32:21+00:00October 13th, 2020|News|
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