Richard / Underbalanced Drilling
INTER-TECH DRILLING SOLUTIONS LTD. ENTERS INTO A CO-OPERATION AGREEMENT WITH SMEDVIG A.S. OF NORWAY
CALGARY, Nov. 19 /CNW/ - Richard Seto, President of Inter-Tech Drilling
Solutions Ltd. (TSE, IDL), is pleased to announce that the company has entered
into a co-operation agreement with, Smedvig a.s, of Norway. The purpose of
the strategic alliance is to combine the respective companies' expertise in
providing underbalanced drilling solutions to the offshore drilling industry.
Smedvig a.s. is an integrated offshore services and manufacturing
company. It is publicly traded on the New York Stock Exchange and had 1995
revenues of 320 million USD. Smedvig owns and operates mobile drilling rigs
and holds contracts for production drilling, well servicing and maintenance of
field installations in the North Sea and South-east Asia.
Inter-Tech is also pleased to announce that, through the Smedvig
alliance, it has been awarded a one year contract to provide its proprietary
rotating blowout preventer system (RBOP(TM)) and related services to Shell U.K.
Exploration and Production (Shell Expro) for offshore underbalanced drilling
in the North Sea. Shell Expro may extend the agreement for an additional four
year term. This represents the first underbalanced drilling project utilizing
jointed pipe in the North Sea.
Inter-Tech Drilling Solutions Ltd. is an international oilfield service
and technology company that provides specialized engineering and proprietary
equipment for underbalanced drilling. It owns and distributes the patented
RBOP(TM) worldwide which is the key component for underbalanced drilling well
control. Industry experts report that underbalanced drilling is growing at a
worldwide rate which has not been experienced since the introduction of
horizontal drilling.
For further information: Richard Seto, President, Jason Holtby, Chief Financial Officer, Inter-Tech Drilling Solutions Ltd., (403) 205-4085, Fax: (403) 253-9006 |
