04. April 2014
Odfjell Drilling becomes a major shareholder in in Robotic Drilling Systems AS (RDS).
Through an agreement with existing RDS shareholders Odfjell Drilling will participate in a new share issue of 50 MNOK
Robotic Drilling System AS (RDS) develops a new generation drill-floor handling tools consisting of robotic technology for fully unmanned drilling operations. The technology can be applied both on pipe-deck and drill-floor on all drilling structures (new builds and retrofit) for both land and offshore installations.
RDS is now moving into a commercialization phase to build, test and qualify fully robotized drill-floor handling after testing the robotic technology on a full-scale prototype rig over the last two years.
The company's R&D projects are supported by (among others) Statoil, The Norwegian Research Council, Innovasjon Norge as well as two other international oil companies.
Through an agreement with existing RDS shareholders Odfjell Drilling will participate in a new share issue of 50 MNOK as well as agreeing to an additional 35 MNOK in future share issue. In addition, existing shareholders will participate with 30MNOK in the share issue.
Pareto Securities have been advisor to RDS during the transaction.
“This is a major step towards commercialization for RDS,” says Robotic Drilling Systems CEO Lars Raunholt “Not only will Odfjell Drilling help funding the next phase, but the company’s technical knowhow and market understanding worldwide will give us great synergies both in qualifying, certification and installation of robotic equipment.”
For further queries, please contact:
Kenneth Søndervik, VP Sales & Marketing
Mobile: +47 416 38 810
Lars Raunholt, CEO
Mobile: +47 913 50 499
04/04-2014 08:01:32: (ODL) Odfjell Drilling becomes major shareholder in Robotic Drilling Systems AS.
Odfjell Drilling becomes major shareholder in Robotic Drilling Systems AS.
Hamilton, Bermuda 4 April 2014. 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.
Odfjell Drilling is an integrated provider of offshore drilling, engineering and well services. The company operates six ultra deepwater and harsh environment mobile offshore drilling units in the North Sea, Africa and Brazil and is responsible for integrated platform drilling services on 20 production platforms in the North Sea. Odfjell Drilling provides engineering and project management services for mobile offshore drilling units and fixed installations, and is an international well service provider with casing running services and tool rental operations in more than 20 countries.
For further queries, please contact:
Gisle Johanson, SVP Communications
Mobile: +47 414 40 050
Lasse H. Johannesen, VP Corporate Finance & Investor
Mobile: +47 995 06 908
Dagens Næringsliv (DN) 3. April 2014