Superior Drilling Products, Inc., a provider of drilling products for the oil, natural gas and mining services industries, announced today that it reached an agreement to supply the Company’s Strider Drill String Oscillation System ("Strider") and related services to Baker Hughes, a leading global supplier of oilfield services, products, technology and systems.
The Strider utilizes its unique patent-pending design to reduce drill string friction on horizontal wells, resulting in improved rates of penetration and cost savings. Its revolutionary engineering provides a cost effective alternative to conventional downhole vibration tools.
Troy Meier, Chairman and Chief Executive Officer of SDP, commented, “This expanded relationship with Baker Hughes is a testament of the capability of the Strider and provides us an excellent, established sales channel for getting the Strider to market and on more wells, faster. This is a very exciting time for Superior Drilling as we prove out our technologies which enable operators to reduce costs and improve their oil and natural gas well drilling efficiencies.”
He concluded, “We have had extremely positive reaction by customers since the introduction of Strider in the second half of 2015. We expect that rentals of the Strider and our Drill N Ream® can continue to grow, even in this challenging market, as more service companies and operators realize the significant savings realized and efficiencies gained from the productivity enhancements these technologies offer."
Tool shipments associated with the agreement are expected to begin during the first quarter of 2016. The agreement has no set expiration date or minimum shipment requirement. It will remain in force until it is canceled by either SDP or Baker Hughes, as stipulated in the agreement.