Calculus Capital and SAEV invest in Antech
Calculus Capital and Saudi Aramco Energy Ventures (SAEV) have backed UK-based Antech, a developer of directional coiled tubing drilling products and services.
The fresh funding from SAEV, the corporate venturing subsidiary of Saudi Aramco, and Calculus will help accelerate the commercialisation of Antech's products and their adoption in the Saudi Arabian market, SAEV said in a statement. Both investors contributed equal amounts.
Company
Antech has two business divisions operating in the oil and gas industry: Coiled Tubing Drilling (CTD) Service as well as Antech Products and Services. The business was founded in 1992 and is based in Exeter. It launched its drilling services division in 2012 based on proprietary tools and systems including the Colt and Polaris drilling tools, which it is currently commercialising.
People
Ibrahim Buainain is CEO of SAEV.
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