Superior Drilling Products, Inc. Announces Joint Market Development Agreement with Odfjell Drilling Ltd.
Expected to develop into distribution agreement in early 2019
VERNAL, Utah–(BUSINESS WIRE)–Superior
Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”),
a designer and manufacturer of drilling tool technologies, today
announced that it has executed an agreement with a subsidiary of Odfjell
Drilling Ltd (OSE: ODL)(“Odfjell”) to launch a Middle East short-term
joint market development program around its patented Drill-N-Ream®
(“DnR”) well bore conditioning tool.
Troy Meier, Chairman and CEO of SDP, noted, “Odfjell’s interest in using
the DnR for their service offering is validation of the success the tool
is having in the Middle East. Odfjell is a well-respected oil field
service firm and, by partnering with them, it enables us to accelerate
our entry into the Middle East market. We are pleased that Odfjell
recognized the value of the DnR and are looking forward to establishing
a distribution agreement with them in the not so distant future.”
Under the development agreement, Odfjell and SDP will demonstrate the
DnR’s capabilities with a large Middle East operator in Kuwait.
The DnR is a unique drilling tool technology that conditions the well
bore simultaneously while drilling the well bore, driving efficiencies
by reducing days on well, increasing penetration rates and extending the
life of the bottom hole assembly. Domestically, the DnR is gaining broad
market acceptance with many lead operators standardizing on the tool.
About Odfjell Drilling Ltd.
Odfjell Drilling was founded in 1973 and began operating as a drilling
contractor in 1974, with the first Aker H3 semi-submersible Deep Sea
Driller. Over the past 45 years, the business has built a rock solid
reputation as a trusted drilling partner and services supplier – one
that is focused on delivering quality, value and results for its growing
customer base.
The firm has extensive contracting experience covering all aspects of
operations and the manning of fixed and mobile installations, well
services and platform engineering work. Odfjell Drilling is a truly
international business, currently conducting projects in more than 20
countries, and has operational expertise of semi-submersibles, jack-up
platforms and drillships, as well as modular drilling and well
intervention rigs.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling
tool technology company providing cost saving solutions that drive
production efficiencies for the oil and natural gas drilling industry.
The Company designs, manufactures, repairs and sells drilling tools. SDP
drilling solutions include the patented Drill-N-Ream® well bore
conditioning tool and the patented StriderTM oscillation
system technology. In addition, SDP is a manufacturer and refurbisher of
PDC (polycrystalline diamond compact) drill bits for a leading oil field
service company. SDP operates a state-of-the-art drill tool fabrication
facility, where it manufactures its solutions for the drilling industry,
as well as customers’ custom products. The Company’s strategy for growth
is to leverage its expertise in drill tool technology and innovative,
precision machining in order to broaden its product offerings and
solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information
that are subject to a number of risks and uncertainties, many of which
are beyond our control. All statements, other than statements of
historical fact included in this release, regarding our strategy, future
operations, the rate at which the Company penetrates the Middle East
market, plans and objectives of management, are forward-looking
statements. The use of words “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “may,” “continue,” “predict,” “potential,”
“project”, “forecast,” “should” or “plan, and similar expressions are
intended to identify forward-looking statements, although not all
forward -looking statements contain such identifying words. Certain
statements in this release may constitute forward-looking statements,
including statements regarding the Company’s financial position, market
success with specialized tools, effectiveness of its sales efforts,
success at developing future tools, and the Company’s effectiveness at
executing its business strategy and plans, to include expansion into the
Middle East. These statements reflect the beliefs and expectations of
the Company and are subject to risks and uncertainties that may cause
actual results to differ materially. These risks and uncertainties
include, among other factors, the status of the oil & gas industry,
geopolitical events, the environmental effort to reduce the use of
carbon based energy, our business strategy and prospects for growth; our
cash flows and liquidity; our financial strategy, budget, projections
and operating results; the amount, nature and timing of capital
expenditures; the availability and terms of capital; competition and
government regulations; and general economic conditions. These and other
factors could adversely affect the outcome and financial effects of the
Company’s plans and described herein.
Contacts
Investor Relations:
Deborah K. Pawlowski
Kei Advisors
LLC
(716) 843-3908
dpawlowski@keiadvisors.com
