Optimistic despite challengesAslak Myklebostad (left) and Helge Holen. Photo: PetroMarker

Optimistic despite challenges

PetroMarker invests in technology development and makes management changes to cut costs and focus on the future

Aslak Myklebostad assumes the position as interim CEO at PetroMarker. Aslak has until recently held the position Global Sales and Marketing Director at PetroMarker, and he previously held positions at SeaBird Exploration and EMGS.

In a comment to expronews.com, Helge Skaarberg Holen, former CEO at PetroMarker says: “In light of the dramatic downturn in the oil sector resulting from the Covid-19 pandemic and the oil price collapse, we also had to take a hard look at our cost level given the bleak outlook. I, as CEO, had to make hard decisions to allow our limited financial resources to be dedicated to further technical development. We have launched a targeted technical program to capture the 4D reservoir- and CCS monitoring market while cutting down on all other cost, corporate and overhead costs included. I therefore offered to step down as a CEO, and I am pleased to join the Board of PetroMarker to secure technical and operational continuity during these challenging times.”

Holen continues: “It has been five both demanding but also rewarding years in PetroMarker. We have completed and rolled out a good 3D vertical EM solution now approved by majors. I am proud of what the team, which has been significantly upgraded with new recruits over the years, has achieved.  We have had commercial contracts every year since we entered the market in 2017. The recent news that we had a correct prediction of a dry well on PL 889 based on our 2017 data, proves to me that the oil companies now have a new tool in the toolbox that should help enhance hit rates, cut drilling cost and reduce CO2 emissions. The team now endeavour to perfect the 4D capabilities and I believe that you have only seen the beginning of what the vertical method can deliver.”

expronews.com: “Triumph for EM Technology