Paradigm Drilling Makes Strategic Deal with Oil Services Firm
Paradigm Drilling reported that it has formed a strategic alliance with Toolserv AS to manage sales and rentals in Norway.
Under the agreement, Stavanger-based Toolserv will exclusively manage supply, sales and rental of Paradigm Drilling products and services in Norway, Paradigm explained in a written statement emailed Monday to Rigzone. In addition, Paradigm noted the contract covers Norway but envisions expanding into other countries and territories as business and demand warrant.
“For what was a tough year across the board in 2020, we’re really pleased to be kicking off the new year in a position where we are able to provide support to Norwegian operators via a strategic partnership with Toolserv AS,” remarked Kevin Langan, managing director at Paradigm.
Calling it “pivotal” for both companies, Paradigm stated the strategic partnership represents its best option for making inroads into the Norwegian market given Toolserv’s existing client network and reputation there. Toolserv will gain to opportunity to “bring innovative drilling tools to a competitive Norwegian marketplace,” added Paradigm.
“The current downhole tool market in this region is estimated to be worth US$10 million to US$15 million, we’re acutely aware of the demand for innovative and dynamic value-added solutions in the marketplace,” commented John Vestre, Toolserv’s CEO. “Beside our own completion tools, Toolserv represents two innovative companies – Paradigm and Vulcan – whom both strive to achieve a reduction in total operating costs with the solutions they provide. Our partnership within these companies means we can offer improve drilling performance and innovative value-driven results in both the well construction and completion arenas.”
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