Monday, July 29, 2013
GA Drilling Announces Technology Development and Strategic Investment Agreement with Schoeller-Bleckmann Oilfield Equipment AG
Bratislava, Slovakia – July 29, 2013 — GA Drilling, the innovative drilling technology development company, announced today that it has concluded a technology development and strategic investment agreement with Schoeller-Bleckmann Oilfield Equipment AG (SBO), the global market leader for high-precision components for the oil service industry. The partnership will allow GA Drilling (GA) to further develop its patented groundbreaking PLASMABIT technology to meet major challenges of the drilling industry.
"We are pleased to be partnering with SBO to accelerate development of our PLASMABIT technology," said Igor Kocis, CEO and founder of GA Drilling. "This solution has great potential to address critical performance, efficiency and economical parameters for current drilling applications. It is not only about increasing of the penetration rates to hard-rock, but to introduce the significant well cost reduction for almost any kind of drilling, improved well stability and the real-time data acquisition."
The new funds raised will be used to support GA’s growth plan, including 3rd generation of plasma disintegration device, new test-rig construction for drilling to deeper depths and to extend current partner network of GA. "Decision of SBO to collaborate with us is a strong validation of the achievements our team has accomplished to-date. We look forward to continuing to work closely with SBO to develop, manufacture and test new drilling solutions for our future customers. The involvement of SBO will advance our geographical presence in new areas like Americas and will bring us new opportunities in Joint Industry Projects we are running with drilling industry partners. Definitely, it will enable successful commercialization of PLASMABIT for the oil and gas, mining and geothermal industries,” concluded Igor Kocis.
About GA Drilling
GA Drilling is a technology company developing groundbreaking PLASMABIT technology based on high-energy electric plasma. The PLASMABIT technology enables to drill with a constant higher speed, without need to change a drilling bit on regular basis and with increased well stability. Therefore, the overall drilling and infrastructure costs, as well as drilling time are radically cut. This is a key factor in onshore, but even more in offshore. After 5 years of R&D in laboratories with 40-member team, GA has already demonstrated the drilling with test-site prototype, integrated with supporting technologies. PLASMABIT is enabling new effective oil and gas applications, mining productivity and completely new geothermal energy utilization. GA Drilling cooperates closely with oil and gas operators and concluded development contracts with listed Forbes2000 companies.
About Schoeller-Bleckmann Oilfield Equipment AG
SBO is the global market leader for high-precision components for the oil service industry. The business focus is on non-magnetic drillstring components for directional drilling. Additionally, the group manufactures drilling motors and drilling tools and offers to its customers full-scale repair and maintenance services. SBO activities cover both the development of specialty high-strength non-magnetic steels for the oilfield industry and metallurgical finishing and production of high-precision components.
The capacity to solve extremely complex tasks of processing materials makes SBO the perfect partner to further develop and implement challenging drilling technologies. SBO’s operative companies are present in all major centers of the oil drilling industry and are independently operating local units. Leadership in technology, quality and service counts among the declared corporate objectives, with customer benefit being both the target and the starting point of SBO’s activities.
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