Gryphon Oilfield Solutions, LLC has secured significant capital investment to support its continued technological advancements in the completions and downhole tool sector of the oilfield service industry from Saudi Aramco Energy Ventures and CSL Capital Management.
The funds will be used to expand Gryphon’s rapidly evolving dissolvable tool portfolio and support on-going commercialization activities, said the Houston-based company which also has operations in Canada and the U.K.
Much of Gryphon’s expanding portfolio of completion tools incorporates unique dissolvable and reactive technologies that enable improved efficiencies and enhanced recovery.
“The integration of dissolvable metals and elastomers will be the driver to lower completion costs without sacrificing reliability. This partnership will drive our tool development to meet the needs of difficult environments and deliver completion solutions that will be useful throughout the world,” Ben Weber, Gryphon chief executive officer, said in a statement.
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of Saudi Arabia’s national oil company, and CSL Capital Management is a private equity firm with multiple interests in energy and oilfield service companies.