HRI Wins Contract from Lukoil

HRI Oilfield has executed an agreement with Lukoil Kaliningrad to engineer, design and construct a 1500 hp platform rig for the Kravtskoye Oilfield, Lukoil's development in the Baltic Sea. The 1500 hp platform rig will utilize new designs developed by HRI combined with a drawworks design licensed by HRI from Parker Drilling Company. "The award of the Lukoil Platform Rig brings HRI closer to achieving our goal of combining proven technologies with new technologies to bring innovation to the drilling equipment business. This is an important step in the development of HRI's product line and an important step in our continued relationship with Lukoil," said Sioux Sinnott, President of HRI.

The 1500 hp platform rig will feature AC (alternating current) technology combined with a new drilling monitoring system that will provide the Operator greater control during the drilling process and improve drilling efficiencies through real time data monitoring.

HRI has strengthened its presence in the Russian market through its alliance with Lukoil Kaliningrad. This new contract combines the strengths of HRI drilling designs with Lukoil Kaliningrad's manufacturing capability. Lukoil Kaliningrad is currently manufacturing the platform and production equipment for the Kravtskoye Oilfield Development at their manufacturing facility in Kaliningrad. "Long term our plans are to market Kaliningrad's platform manufacturing capabilities with HRI's drilling equipment worldwide," said Edward Jonesan, Executive Vice President of HRI. "This will provide the oilfield with a qualified economic alternative to manufacturing platform and drilling structures outside of the Far East."

HRI will manufacture the rig at its Partech, LLC, facility in New Iberia, LA. This 23-acre facility has a world-class reputation for building quality drilling rigs. Partech is currently completing Rig 262, a 3,000 hp Arctic rig for Parker Drilling Company for shipment to Sakhalin Island, Russia. HRI's manufacturing facility in Brady, TX, Heartland Rig International, LLC, is currently completing a new state-of-the-art rig for Phoenix Alaska Technology called LADS (Light Automated Drilling Systems) for shipment to the North Slope this summer.


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