Superior Drilling Products, Inc. Plans to Triple Drill-N-Ream® Tool Fleet in Middle East by End of First Quarter 2019
December 05 2018 - 6:30AM
Business Wire
Improving availability of tool to drive
market share
Superior Drilling Products, Inc. (NYSE American:SDPI) (“SDP” or
“Company”), a designer and manufacturer of drilling tool
technologies, today announced its plans to triple its Drill-N-Ream®
well bore conditioning tool (DnR) fleet in the Middle East. The
Company expects to have approximately 60 tools located in the
market by the end of the first quarter.
Troy Meier, Chairman and CEO of SDP, commented, “We have
successfully completed our first year of market evaluation, and we
now must rapidly build up our fleet in the Middle East to address
growing market demand. The establishment of our new market
development partner and recently executed service agreement enable
us to efficiently facilitate the deployment of the DnR while
ensuring quality repair and maintenance. Strong interest throughout
the region has been validated by customer requests for the tool and
accelerating adoption of the technology.”
The DnR is a unique drilling tool technology that conditions the
well bore simultaneously while drilling, driving efficiencies by
reducing days on well, increasing penetration rates and extending
the life of the bottom hole assembly. Globally, the DnR is
increasing market acceptance with leading operators and service
companies standardizing on the tool.
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 Strider™
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 StatementsThis 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181205005133/en/
Investor Relations:Deborah K. PawlowskiKei Advisors
LLC(716) 843-3908dpawlowski@keiadvisors.com
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