Paradigm Oilfield Services Secures Greenland ContractBy Paradigm Oilfield Services, PRNE
Tuesday, May 3, 2011
HOUSTON, May 4, 2011 - Paradigm Oilfield Services today announced it has secured a $400,000
contract to supply equipment for a drilling operation in Greenland.
The Aberdeenshire headquartered company revealed at the Offshore
Technology Conference in Houston that it is this week delivering the
shipment, which includes its own custom-designed dual stage hole opener known
as 'The Beast'.
The order with a leading independent operator is for 18 tools which
includes Paradigm Oilfield Services' high quality stabilizers and hole
Fraser Innes, chairman of Paradigm Oilfield Services, said: "This is our
first large contract for this new frontier region where we believe there are
many opportunities for the robust tools that we have developed. Greenland has
significant untapped oil and gas reserves and there is a growing interest in
drilling activity. I would like to thank everyone at Paradigm for their
efforts in securing an important geographic first for our products."
Greenland's government distributed seven prospecting blocs in the Baffin
Bay, west of Greenland, among eight oil companies in November last year.
According to the US geological survey (USGS), more than a fifth of the
world's undiscovered oil and gas resources lie north of the Polar Circle.
Some 84 per cent of these are located at sea, and they would altogether
represent 13 per cent of the world's oil resources and 30 per cent of the
planet's natural gas.
Scotland headquartered Paradigm Oilfield Services, a subsidiary of
Netherlands' Paradigm Group is introducing a range of new drilling technology
at OTC including a drilling reamer with a unique pressure-controlled on/off
mechanism. The company has previously developed and introduced a range of
dual stage and single stage hole openers including 'The Beast', which is
suitable for hole sizes up to 42 inches.
The company, launched in 2009, offering a multi-million pound inventory
of equipment for sale and rent on short and long term contracts and services
clients in the USA, Middle East, Africa and Europe with ambitions for further
Paradigm has invested more than $2 million to develop and bring the new
drilling technology to market and recently opened up a new base in
Aberdeenshire with offices, research and test facilities and a large
Paradigm Oilfield Services is exhibiting on the Scottish Pavilion at OTC
For further media information contact: Jackie Robinson +44-(0)7711-281915 jackie.robinson at bigpartnership.co.uk. Gayle Nicol +44-(0)7702-737135 gayle.nicol at bigpartnership.co.uk
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