PGI Energy Announces Partnership with Structural Dynamics Engineering for Manufacturing & Development of Drilling Rigs
June 09 2011 - 8:34AM
Business Wire
PGI Energy, Inc. (Pink Sheets: PGIE)
PGI ENERGY, INC has entered into a partnership with
Structural Dynamics Engineering Co. for Manufacturing &
Development of innovative proprietary drilling rigs designed by
Jose A. Macias, a Mechanical Engineer. The partnership will
establish a new special purpose entity to be jointly owned and
managed by the partners. The partners will jointly own 50% of the
business and share 50% of profits each. The partnership initially
will focus on its existing contract orders for 750 HP Mobile
Drilling Rigs and the 2000 HP SCR Drilling Rig for the government
of India, and its client in China who have placed
orders for three 250T Top-Drives the innovative Top-Drive drilling
rig, and Malaysia for four 1000HP SCR Drilling Rigs. Current
customers of Structural Dynamics Engineering are Precision
Drilling, Arrow Drilling, Pie Grande Drilling,
Fidelity Exploration and Production, JJ Drilling
International, DIJOILFIELD LLC., Petroleos de
Venezuela, S.A. (PDVSA), and Petroleos Mexicanos, S.A. (PEMEX). “We
are excited about the development of this new partnership with
Structural Dynamics Engineering to deploy these innovative
technologies to oil field service providers, which adds significant
value for our shareholders says Robert Gandy, Senior
Underwriter/Chief Investment Officer for PGI.”
About Structural Dynamics Engineering
Structural Dynamics Engineering develops a variety of products
for the automotive industry and oil field services companies with
product lines of land drilling rigs, crown blocks, top-drives,
traveling blocks, rotary tables, pipe handler equipment, catwalks,
automation, robotics, full repair services and equipment for
material handling. Structural Dynamics Engineering has been a
private owned company by Jose A. Macias, M.E. who has worked
with automotive industry structural design companies and drilling
services companies since 1986. Website: www.structuraldynamicsengineering.com
About PGI Energy, Inc.
PGI Energy, Inc. is an energy holding company, headquartered in
Houston, Texas. The company’s objective is asset acquisition in the
proven areas of oil & gas assets, refinery & pipeline
sectors of the energy industry, alternative and other synergistic
assets.
For more information visit: www.PGIEnergy.us or Email:
ir@pgienergy.us.
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