Cognity Secures New License Agreement
Cognity announced that one if its major clients, Managed Pressure Operations Ltd (MPO) has signed a long-term agreement with Canrig Drilling Technology International Ltd, whereby Canrig will license MPO technologies. Cognity undertook the detailed design and analysis for the MPO Non-Stop Driller.
The Canrig license is exclusive to several major onshore markets, including North, Central, and South America and Saudi Arabia. In addition Canrig will also have non-exclusive rights in other onshore markets.
Canrig is a wholly owned subsidiary of Nabors Industries Ltd.
Rae Younger, managing director of Cognity said, "Having assisted in the development of this major MPO technology, to now see it being licensed and deployed across the world by Canrig and MPO is exciting news for everyone involved.
"We are delighted that our work has played a part in the international development of a company we work so closely with, and are continuing to work with. Cognity is currently designing two further drilling tools with MPO."
Charlie Orbell, CEO of MPO commented, "The relationship with Nabors and Canrig allows for rapid deployment of our leading edge technology within Nabors' key onshore markets while MPO builds its business in the other land markets and offshore. This agreement will also lead to further development of managed pressure drilling systems that will help customers drill wells faster, safer and at a lower cost."