High Arctic Energy Forms Joint Venture with Schlumberger

High Arctic Energy has executed a joint venture agreement with the Schlumberger group for the purpose of providing underbalanced drilling services and managed pressure-drilling services to the worldwide upstream oil and gas industry.

The Joint Venture provides a global platform to rapidly develop the UBD and MPD businesses. Initially, the Joint Venture will focus on providing UBD and MPD services for projects managed by Schlumberger Integrated Project Management.

The Joint Venture will be owned 51% by High Arctic and 49% by Schlumberger. As part of the initial formation of the Joint Venture, High Arctic will sell its existing UBD and MPD equipment and the technology associated with its existing UBD and MPD businesses, including intellectual property rights, to the Joint Venture. High Arctic spends significant resources on research and development to create new technology for its distinct product lines. High Arctic's success in underbalanced drilling is underpinned by this commitment, which, together with High Arctic's technical expertise, has led to a wide range of innovative drilling and completions products.