Flotek Industries makes key announcements

Flotek Industries, Inc. has announced the signing of a multi-year lease to create a new Research & Innovation Leadership Center in Northwest Houston, doubling the size of the company's chemistry research effort.

In addition, the company announced the creation of FracMax Analytics, LLC, a subsidiary of Flotek, which will focus on applied research and data analysis generated by Flotek's new proprietary software application.

Research & Innovation Leadership Center

Flotek's new Research & Innovation Leadership Center will be a 50,000-plus square foot facility located in the Sam Houston Business Park in Houston. The facility, twice the size of Flotek's current research footprint, will combine the company's applied research and conceptual innovation teams in their development of next-generation chemistries for the oilfield.

Flotek President and CEO, John Chisholm, commented: "The creation of Flotek's new Research & Innovation Leadership Center is the next chapter in Flotek's leadership as a global provider of customised chemistry solutions for the energy industry.

"Our vision is to create a centre for chemistry excellence that leverages our world-class scientific talent through state-of-the-art laboratories, provides our customers with an unparalleled tactile experience that literally creates solutions to drilling and production challenges as they watch and allows us to validate the efficacy of our chemistries and communicate the effectiveness with impact."

Customer facilities

The Research & Innovation Leadership Center will have state-of-the-art applied and theoretical research laboratories, collaborative innovation centers and customer demonstration facilities that will provide for an unparalleled sensory customer experience. In addition, the proximity to Flotek's corporate headquarters will provide synergistic opportunities for Flotek's research and marketing teams to collaborate on strategy and sales opportunities in ways not currently available.

Chisholm continued: "Flotek's development of this futuristic Research & Innovation Leadership Center demonstrates how serious we are – throughout our entire organisation – about our commitment to research and innovation in the oilfield.

"No other oilfield chemistry company and very few oilfield service companies have made the financial and human resource commitment to research like Flotek. We are proud of that commitment, believe it serves our stakeholders well and will provide even greater benefits into the future as Flotek continues to grow its global oilfield technology platform."

FracMax Analytics, Inc.

Flotek also announced the creation of a new subsidiary, FracMax Analytics, LLC, a research and data analysis concern that will focus on providing well- and basin-specific statistical analysis.

FracMax Analytics will leverage Flotek's patent pending, proprietary software platform, FracMax™, in developing a series of industry reports on basin and well performance as well as customised data analysis and reports for clients looking for specific well performance analysis based on identified inputs.

Well analysis

FracMax, based on an application developed for the iPad, uses publicly available data (from Frac Focus as well as state and federal regulators) to provide analysis of well productivity based on drilling and completion inputs. The analysis allows producers, service companies, investors and others to compare the relative efficacy of drilling and completion inputs and techniques and their impact on well productivity.

"We have been surprised by the interest in our FracMax data analysis tool from a wide variety of energy stakeholders, beyond its use as a tool to validate that our Complex nano-Fluid TM completion chemistries result in superior well productivity," said Chisholm. "We believe the creation of FracMax Analytics will allow us to address these requests while, at the same time, create new commercial opportunities for Flotek. The ability to provide independent well- and basin-specific data analysis to existing and prospective clients extends Flotek's reach and supports our vision of being a leading energy technology concern which will now include the ability to provide leading information technologies to our clients."

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/02102014/flotek-opens-research-centre-1554/