Pason Systems, Werklund invest $35MM in completions tech firm Intelligent Wellhead Systems

The core technology on which IWS is built is called the inVision System. Image: Intelligent Wellhead Systems

Drilling data management provider Pason Systems is investing $25 million to acquire a minority interest in completions technology company Intelligent Wellhead Systems (IWS).

It’s “the first truly compelling opportunity we have seen in the completions space,” Pason CEO Marcel Kessler said in a statement.

The core technology on which IWS is built, called the inVision System, is a proven technology that allows operators to have a digital window into the pressure control stack, Pason said.

“This patented, non-invasive technology shows the real-time lateral position and size of tools and wireline within the pressure control stack, providing operators with the data required to enable automation and engineered safety controls.

“In unconventional shale, IWS’ system enables operators to frac more stages per day by decreasing swap time, speeding up wireline operations, preventing well control incidents, and providing real-time data to optimize site operations.

Pason has agreed to provide capital over a three-year period to support IWS and will also provide expertise in the domains critical to IWS’ growth, the company said.

Along with Pason’s $25 million investment, Werklund Growth Fund has acquired an additional $10 million of equity in IWS.

“As an early strategic investor in IWS we recognized the significance and potential of IWS’ technology,” said David Werklund, Chairman of Werklund Family Office Inc.

“We continue to believe in management and the IWS team’s ability to reshape and provide significant safety and efficiency gains to the industry. Our investment with Pason is another wonderful example of finding and supporting locally developed disruptive technologies that can be revolutionary on a global stage.”

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