Nabors buys Robotic Drilling Systems

August 31, 2017

Shareholders of Robotic Drilling Systems (RDS) voted to sell all company shares to Nabors Industries, Norway drilling firm Odfjell Drilling has announced. 

Odjfell, which holds about 37% of the shares in RDS through Odfjell Drilling Technology, expects the sale to generate about US$11 million. The deal is expected to close in Q3 2017, subject to conditoins. 

As part of the sale, Odfjell Drilling and Nabors also have signed a memorandum of understanding to establish a strategic cooperation agreement to ensure Odfjell Drilling access to RDS’ robotic technologies for Odfjell Drilling’s existing and future drilling rigs.

Odjfell Drilling has been a shareholder in RDS for the past three years. During that time, Odfjell Drilling has worked closely with RDS to deliver and field-prove its robotic drilling products, said Per Lund, senior vice president, innovation in Odfjell Drilling, in a press statement.

“The company is now at the verge of full scale commercialization and we are confident that Nabors, having a manufacturing group in Canrig, will be a good future home for this exciting technology,” said Lund.

Nabors recently acquired Tesco Corp. as part of its strategy of moving beyond being a provider of offshore and land drilling rigs to also using rigs as a delivery platform to provide drilling products and services.

Read more:

Batteries not included

Tesco acquisition ‘prudent step’ in Nabors strategy

 


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