HOUSTON, May 4, 2011 /PRNewswire/ -- Paradigm Oilfield Services today announced it has secured a $400,000 contract to supply equipment for a drilling operation in Greenland.
The Aberdeenshire headquartered company revealed at the Offshore Technology Conference in Houston that it is this week delivering the shipment, which includes its own custom-designed dual stage hole opener known as 'The Beast'.
The order with a leading independent operator is for 18 tools which includes Paradigm Oilfield Services' high quality stabilizers and hole openers.
Fraser Innes, chairman of Paradigm Oilfield Services, said: "This is our first large contract for this new frontier region where we believe there are many opportunities for the robust tools that we have developed. Greenland has significant untapped oil and gas reserves and there is a growing interest in drilling activity. I would like to thank everyone at Paradigm for their efforts in securing an important geographic first for our products."
Greenland's government distributed seven prospecting blocs in the Baffin Bay, west of Greenland, among eight oil companies in November last year. According to the US geological survey (USGS), more than a fifth of the world's undiscovered oil and gas resources lie north of the Polar Circle. Some 84 per cent of these are located at sea, and they would altogether represent 13 per cent of the world's oil resources and 30 per cent of the planet's natural gas.
Scotland headquartered Paradigm Oilfield Services, a subsidiary of Netherlands' Paradigm Group is introducing a range of new drilling technology at OTC including a drilling reamer with a unique pressure-controlled on/off mechanism. The company has previously developed and introduced a range of dual stage and single stage hole openers including 'The Beast', which is suitable for hole sizes up to 42 inches.
The company, launched in 2009, offering a multi-million pound inventory of equipment for sale and rent on short and long term contracts and services clients in the USA, Middle East, Africa and Europe with ambitions for further international growth.
Paradigm has invested more than $2 million to develop and bring the new drilling technology to market and recently opened up a new base in Aberdeenshire with offices, research and test facilities and a large warehouse.
Paradigm Oilfield Services is exhibiting on the Scottish Pavilion at OTC
SOURCE Paradigm Oilfield Services