VERNAL, Utah–(BUSINESS WIRE)–Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, announced today that it has made steady progress demonstrating the improved lift characteristics realized when the Company’s flagship php web development company wellbore conditioning tool, the Drill-N-Ream® (“DNR”), is an element of the bottom hole assembly (“BHA”) in the oil well drilling process.
The Company has agreements with three leading oilfield service companies (“OSC”) php software development company which define the terms and conditions for the DNR to be included in the OSCs’ suite of rental tool offerings. The agreements are initially intended to serve the market in Kuwait, but allow for expansion throughout the remaining Middle East and North African (“MENA”) regions. SDP retains manufacturing, repair and service rights of the DNR.
Troy Meier, Chairman and Chief Executive Officer, commented, “We have measurably advanced our position in MENA in 2019 as we expanded our fleet, built up our team and engaged with key OSCs in the region. Our agreements enable our tool to be available for more rigs and establish terms that recognize both the value of the tool and the importance of maintaining our high quality standards. Importantly, demand for the DNR in the region is growing quickly and we believe these channel partners can help to expand our geographic reach.”
He added, “We believe the uptake on the DNR in this market will be steady. In fact, the software development company austin DNR is being run right now on a well program using four tools to improve drilling performance. This program included a 16 inch, our most recent development, a 12 inch, 8 inch and 6 inch tool. We expect as the Drill-N-Ream overcomes biases developed from other less effective tools, that more wells will be drilled with our tool. We believe the Drill-N-Ream has repeatedly demonstrated measurably and enhanced drilling and production efficiencies.”
The DNR is a unique drilling tool technology that conditions the well bore simultaneously while drilling the well , driving efficiencies by reducing days on well, increasing penetration rates and extending the life of the bottom hole assembly. Domestically, and now internationally, the DNR is gaining broader market acceptance with many leading operators standardizing on the tool.