Odfjell Drilling sells Robotic Drilling Systems stake to Nabors Industries

Odfjell Drilling sells Robotic Drilling Systems stake to Nabors Industries

Odfjell Drilling has entered into an agreement to sell its 37% stake in Robotic Drilling Systems after the robotics company reached a deal to sell all of its shares to drilling contractor Nabors Industries.

Robotic Drilling Systems, formerly Seabed Rig, develops and supplies robotic drilling rigs for unmanned land and deepwater drilling operations. Odfjell Drilling became a major shareholder in the company in 2014.

The transaction will generate an estimated accounting gain of around $11m for Odfjell Drilling. The deal is expected to be closed in the third quarter of 2017.

As part of the transaction, Odfjell Drilling and Nabors have signed a memorandum of understanding with the intention to establish a strategic cooperation agreement which will ensure Odfjell Drilling access to RDS’ robotic technologies for Odfjell Drilling’s existing and future drilling rigs.

“We are very pleased to sell RDS to Nabors. In the 3 years Odfjell Drilling has been a shareholder in RDS, we have worked closely with the company to develop and field-prove its robotic drilling products. The company is now at the verge of full scale commercialisation and we are confident that Nabors, having a manufacturing group in Canrig, will be a good future home for this exciting technology,” said Per Lund, senior vice president, innovation in Odfjell Drilling.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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