Red Spider - a successful exit
With a strong focus on R&D, Red Spider pioneered a range of game changing Remote Open Close Technology tools, which were used in interventions and completions in the North Sea and globally for a large number of operators, delivering major cost and time savings.
Red Spider approached ThinkPR in 2010 with the aim of completely changing the focus of the PR activity. The company had recently received growth equity of £7.5million from Energy Ventures and Simmons Parallel Energy Fund.
The investment was to be used to both accelerate the internationalisation of the existing Red Spider business and complete product commercialisation and roll out. A PR strategy was required to support the business plan with a view to an exit in future.
We worked closely with the team to develop and implement a targeted and integrated communications strategy to raise profile within the oil and gas industry internationally.
Media platforms were established for all key regions, with a clear timeline set out to ensure consistent results were delivered year round to support innovative product launches and ongoing international growth. Part of the plan focused on using exhibitions and product launches as hooks for news releases and features.
Key messages were agreed, which focused on risk and cost reductions offshore and these were highlighted in all activity. Results were benchmarked and analysed to ensure return on investment.
Successful profile raising and large volumes of media coverage were achieved, which culminated in an exit late in 2012 when Red Spider became part of global oil services giant Halliburton, joining the Halliburton Completion Tools (HCT) product service line.
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