Cubility Appoints Kai Preben Sæveland as Chief Financial Officer

Kai Preben Sæveland To Join Leadership Team As Cubility Prepares for Further Growth

Cubility AS, an industry leading provider of solids control solutions that improve efficiencies and HSE around drilling operations, today announced the appointment of Kai Preben Sæveland as the company’s Chief Financial Officer.

Kai’s role will be to manage the financial performance of the company, taking responsibility for financial control, reporting and cash management and providing strategic financial direction as Cubility looks to grow sales of its core product, the MudCube®.

“We are in great position for significant market growth over the next few years and we are delighted that Kai has joined the executive leadership team at Cubility,” said Cubility CEO, Even Gjesdal. “With a strong financial background and experience with some of the oil and gas industry’s leading technology providers, Kai has plenty to contribute to the strategic business development of the company.”

Kai Preben Sæveland continued: “I look forward to working with the Cubility team on the development of the business. The technology is innovative, the value proposition of the product is strong and the MudCube also helps improve operational efficiencies and drive cost savings – two critical drivers in many parts of the world.”

He concludes: “With the team at Cubility having extensive experience and an excellent reputation in the market and supported by solid investors such as Triton Partners, I firmly believe that we have the financial strength and competence to manage the robust growth expected from the MudCube over the coming years.”

Kai joins Cubility on the back of a 15-year career in accounting and financial management, with the last three years spent as Chief Financial Officer at KAEFER Norway, preceded by senior roles at i-TEC, Roxar (now Emerson) and Ernst & Young. Kai qualified as a State Authorised Public Accountant at the Norwegian School of Management.

The MudCube provides an alternative to traditional shale shakers with improved operational efficiencies, reduced solids management costs, better mud quality and significant HSE benefits. Since its 2012 introduction to market, the MudCube has been deployed in drilling sites in the North Sea, Middle East, Far East, South America and the US Marcellus Shale Play with its continued growth leading to Cubility setting up expanded operations in Kuala Lumpur and Houston.

The MudCube is based around the concept that solid control and mud treatment is no longer dependent on traditional shaker technologies prevalent in the oil & gas sector since the 1930s. Rather than G force-based, vibrating shale-shakers, the MudCube uses a combination of high airflow and vacuum technology to remove solids from drilling fluids. The remote, automated operations of the MudCube and its enclosed system with reduced vibration and noise levels and the elimination of oil vapour brings considerable HSE benefits, in particular offshore.

The MudCube’s improved separation capabilities also mean that the separated drilling fluid is of better quality and reduces the need to spend resources on additional chemicals to improve the mud properties. Being a compact solution, the MudCube also frees up much-needed rig space and weight, improving the drilling rig’s variable deck loads (VDL) as well as providing other operational and cost efficiencies.

About Cubility AS

Cubility AS is an innovative Norwegian company that is revolutionising drilling operations and the waste and solids control issues that accompany them. Cubility is based in Sandnes, Norway, where it houses a state-of-the-art test centre, and has sales offices in Aberdeen, Houston, London and Kuala Lumpur as well as distribution partners across all the major oil & gas producing regions.

To date, Cubility has secured contracts for the MudCube in North Sea, Middle East, Far East, South American and North American drilling sites. Cubility was awarded Winner of the Rystad Energy 2014 New Venture of the Year Award for “developing their own unique technology and challenging established players.”