The company is in the final stages of equipping its new oil and gas product assembling facilities in Coquitlam, B.C. and intends to significantly expand its MPD production over the coming months. The MPD 1100 Series 1- and 2-speed mud pumps sell for approximately $45,000. During March, Ikona plans to begin shipments of its Draw Works (DW) products which sell for approximately $500,000. A drilling rig requires at least one MPD and a DW.
Mud pump drives are important integrated components of a drilling rig, as they facilitate the desired speed and power of the drilling rig mud pump and produce the required flow and pressure for powering the drilling head. The market for these products is expanding and it is estimated that during 2005 more than 75,000 wells were drilled worldwide.
"With our new oil and gas product assembly facility capable of producing more than US $30 million in sales, we are highly focused on rapidly building our oil and gas customer base," said Ikona CEO and President Laith Nosh. "The incorporation of our proprietary gear technology allows our mud pump drives to be designed lighter and more compact than competitive equipment with a comparable rating. A key benefit of Ikona's lighter, more compact MPD design is the reduction of downtime when moving a rig between drilling locations. By reducing downtime we provide our customers with a significant competitive advantage," added Nosh.
Ikona Gear is a knowledge-based company focused on the design and manufacture of innovative and patented solutions for gearing and power transmission applications, a $100 billion market.
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