Drillform Announces New Manufacturing Agreement with Helmerich & Payne International Drilling
Drillform, a leading manufacturer of fully automated drilling equipment, announced this week that it had successfully closed new funding and entered into a long-term exclusive manufacturing agreement with Helmerich & Payne International Drilling Co. (“H&P”), a subsidiary of Helmerich & Payne, Inc. (NYSE: HP)
The exclusive agreement provides a framework for Drillform to manufacture and supply automated floor wrenches to H&P’s worldwide drilling fleet and for the companies to further collaborate in the development and marketing of other related technologies.
Patrick McDougall, Executive Chairman of Drillform Group of Companies, stated, “We are proud to align Drillform with one of the world’s leading drilling solutions providers. We look forward to many years of working closely with H&P.”
Chay Chinsethagid, H&P’s Senior Vice President, Information Technology & Engineering, said, “We believe Drillform’s automated floor wrench technology is an optimal fit for H&P both technically and operationally, and we are excited about the mutual benefits that will be derived from our investment in Drillform.”
Ray Brown of PPHB served as financial advisor and John Bakht of Norton Rose Fulbright served as legal counsel, with their respective teams assisting in the creation and successful completion of these arrangements.
Drillform was founded in 2010 by a team of industry professionals to design, manufacture and service automated drilling equipment. With decades of equipment design and manufacturing experience, the team had previously built a market-leading, established brand of automated drilling equipment. In a competitive industry, dominated by large players, Drillform’s design and customer service philosophy continues to focus on solutions that will exceed customer expectations. Drillform has facilities in Tulsa, Oklahoma, Odessa,Texas and Abu Dhabi, UAE.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. (NYSE: HP) is committed to delivering industry-leading levels of drilling productivity and reliability. H&P strives to operate with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies.