Odfjell Drilling invests in Robotic Drilling Systems

Through an agreement with current shareholders, Odfjell Drilling becomes the major shareholder in Robotic Drilling Systems AS (RDS).

RDS has developed a system which has the potential to become the next generation drill-floor technology representing a huge potential to improve safety and efficiency in drilling operations.

Odfjell Drilling and the existing shareholders of RDS have signed an agreement where Odfjell Drilling becomes the major shareholder in RDS through investing NOK 50 million in a share issue in RDS.

Under the agreement Odfjell Drilling is obliged to invest additionally NOK 35 million in a future share issue. The existing shareholders will contribute with additional funding for the ongoing R&D activities in the company.

“Odfjell Drilling has been a pioneer in the offshore drilling industry for more than 40 years and has a long history of taking part in the development and implementation of new technology enhancing safe and efficient operations. We see the investment in RDS as an opportunity to take part in developing the next generation drill-floor technology and to strengthen Odfjell Drilling’s future market position in the offshore drilling- and well services industry,” says Simen Lieungh, CEO of Odfjell Drilling.

RDS has developed its robotic drill-floor system ready for a full-scale test in 2015 and a further final offshore test in 2017. The new system can be implemented both on existing and new drilling rigs.

The system consists of five complementary components which constitutes one autonomous robotic drill-floor system.

[mappress]

Press Release, April 04, 2014