November 30, 2022

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Won a new Equinor job - increased by 70 percent

Won a new Equinor job – increased by 70 percent

Highly Motivating: CEO Stage H. Christiansen. Photo: Ivan Kvermi

Soiltech has been awarded a contract by Equinor to treat polluted water at an Equinor-operated facility in Norway, the company announced on Wednesday.

The company’s mechanical technology cleans the water of oil and other particles, and the treated oil and water must be used again for drilling operations.

It is very stimulating to see that our clean, energy-efficient and high-capacity technologies are in high demand, comments Managing Director Stig H Christiansen.

Price increase by 70 percent

Cleantech was founded in 2011 and listed on the OTC market on October 19, 2021. The last trading price at that time was NOK 45.00, and the market capitalization was NOK 324 million.

Now Soiltech stock was recently trading at NOK 77.50 in the gray market.

This gives the company a market value of NOK 558 million – and an increase in value of more than 70 per cent in the past year.

Reduce costs and emissions

The company’s solution enables oil companies and rig operators to clean water directly on the rig, without having to send waste away. This would give customers significant cost reductions and environmental benefits in the form of lower emissions.

The most important clients for each are now working in the oil and gas industry, but Soiltech also sees potential in other industries.

Soiltech’s main office is located in Sundance, but is also located in Abu Dhabi and Saudi Arabia. The company also operates in Great Britain and the Netherlands.

Listed Wintershall Dea Technology Venture holds 14.8 percent of the shares, management owns 36.5 percent, while 48.7 percent are financial investors, both Norwegian and international.

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More contracts

In September, the company announced water treatment missions for Eni and Maersk Drilling.

In August, the company announced a contract in Norway to process liquids contaminated with steel particles at a facility operated by Equinor, a contract with ADNOC in Abu Dhabi and a three-year framework agreement with Ithaca Energy in the UK.

In addition, Soiltech has completed the acquisition of Sorbwater Technology.