Flotek Industries, Inc. (NYSE:FTK) and Solazyme, Inc. (NASDAQ:SZYM) have entered into agreements to globally commercialize Flocapso™, an innovative, advanced drilling fluid additive.
In addition, Flotek will market Solazyme’s Encapso™ lubricant – the first commercially available, biodegradable encapsulated lubricant for drilling fluids in certain markets in the Middle East.
Under the Joint Product Development and Marketing Agreement, Flotek and Solazyme will commercialize and market Flocapso, a proprietary formulation combining Flotek’s patented Complex nano-Fluid® chemistries with Solazyme’s proprietary Encapso technology to create an environmentally-conscious, highly effective drilling fluid additive focused on better lubricity and greater stabilization for drilling programs worldwide.
Laboratory and commercial testing indicate that the Flocapso additive will allow the use of water-based fluids in wells that previously required more expensive and invasive oil-based products, providing an environmentally superior, more efficient solution to drilling challenges around the globe.
“Our partnership with Solazyme is another important step in Flotek’s quest to identify and partner with innovative and efficacious technologies that advance oilfield chemistry for the benefit of our clients,” said John Chisholm, Flotek chairman, president and CEO.
“Solazyme’s development of Encapso and its rapid recognition as a break-through lubricant in drilling applications is testament to Solazyme’s world-class research team. We are delighted to have an opportunity to work with the Solazyme team as we continue our focus on developing the best chemistry solutions for the oilfield,” he said.
“We are excited to add Flotek as a strategic partner as we continue to focus on broadening the market and customer base for Encapso,” said Solazyme CEO Jonathan Wolfson. “As a leading, global technology company with a focus on oilfield chemistry, Flotek brings new opportunities to expand sales of Encapso in the Middle East, as well as to commercialize and jointly market Flocapso, a unique and high performance product that provides a large global sales opportunity to satisfy an unmet need through the combination of superior technologies.”