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Odfjell Drilling Ltd : Odfjell Drilling becomes major shareholder in Robotic Drilling Systems AS

04.04.2014

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 35 MNOK 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:
Media contact:

Gisle Johanson, SVP Communications

email: gijo@odfjelldrilling.com
Mobile: +47 414 40 050

IR contact:Lasse H. Johannesen, VP Corporate Finance & Investor Relations

e-mail: laj@odfjelldrilling.com
Mobile: +47 995 06 908