Nabors and West Group Enter in to Exclusive Cooperative Agreement to Develop Onshore Continuous Motion Drilling Rig
Will develop next-generation, automated onshore oil and gas drilling rigs
STAVANGER, Norway, Feb. 1, 2016 / -- West Drilling Products AS (“West”) and Nabors Industries Ltd. ("Nabors") (NYSE:NBR) have entered in to an exclusive cooperative agreement to develop next-generation, automated onshore oil and gas drilling rigs that may enable greater efficiencies and safer operations.
The agreement follows West’s successful construction of the world’s first continuous motion drilling prototype rig at the International Research Institute of Stavanger during June 2015. Featuring lower emissions and a reduced environmental footprint, West’s advanced technology rig enables drill pipes to be connected without interrupting the drilling process. Joint engineering work has already begun.
West Drilling Products Founder and CEO Odd B. Skjærseth said, “I am very excited about our partnership with Nabors. Our continuous motion rig automates rig floor activities, allowing to run connected drill pipe and casing while maintaining full circulation. As the world’s largest onshore drilling contractor, Nabors’ interest in this revolutionary technology demonstrates the inherent market value of our rig design. Through this partnership, West hopes to grow and expand operations by leveraging Nabors’ global presence and infrastructure in many of the world’s most significant oil and gas markets.”
Nabors President of Global Drilling Operations & Engineering Siggi Meissner said, “The rapid decline in crude oil prices has required both drilling contractors and producers to maximize efficiencies in the drilling process. Nabors’ goal is to transform the future of the global drilling industry through the use of technology. We believe West’s continuous motion drilling technology will further enhance our portfolio of innovative drilling rigs, software and equipment. By integrating downhole tools and surface automation, Nabors is committed to helping customers significantly improve operations from a safety and cost perspective.”
About West Group
Founded in 2006 and based in Norway, the West Group focuses on developing step-change technology developments for the petroleum industry. West Group`s goal is to improve drilling performance, P&A operations and well production.
With operations in more than 20 countries, Nabors owns and operates 476 land drilling rigs. Nabors’ actively marketed offshore fleet consists of six jackups and 36 platform rigs in the United States and multiple international markets. Nabors also manufactures top drives, other rig components and drilling instrumentation systems.
Odd B. Skjærseth, Founder & CEO, West Drilling Products, +47 906 466 36
Denny Smith, Vice President of Corporate Development & Investor Relations, Nabors, +1 281-775-8038