Siem WIS Inks PCD Supply Contract with M-I Swaco
- Business & Finance
Siem WIS has entered into a contract with M-I Swaco for the supply of its pressure control device (“PCD”) services.
The Siem WIS PCD services shall be used in connection with M-I Swaco’s manage pressure drilling (“MPD”) services for Statoil on the Gudrun and Valemon fields in the North Sea.
The operations at the Gudrun and Valemon fields shall commence in second quarter 2014.
The contract award is an important acknowledgement of the PCD system developed by Siem WIS. The PCD system has passed all qualification tests asked by various oil companies with excellent results, including the most rigorous test ever performed for this kind of technology.
The contract also represents an important milestone for Siem WIS unique technology within underbalanced and managed pressure drilling operations (UBO/MPD). The technology improves the control and enhances the safety in these kinds of operations.