Offshore staff

HOUSTON -- Schlumberger and High Arctic Energy Services Inc. have formed a joint venture to provide underbalanced drilling (UBD) services and managed pressure drilling (MPD) services.

Schlumberger says the venture will be called Optimal Pressure Drilling Services and owned 51% by High Arctic and 49% by Schlumberger. According to the companies, as part of the initial formation of the joint venture, High Arctic will sell its existing UBD and MPD equipment and the technology, including intellectual property rights, to the joint venture.

According to the companies, the joint venture provides a global platform to develop the UBD and MPD businesses. However, it will focus initially on projects managed by Schlumberger Integrated Project Management (IPM).

"Combining the fast-growing market recognition and penetration of Schlumberger IPM with High Arctic's technical expertise will provide our customers with a complete integrated solution in the UBD market which will further assist in mainstreaming MPD in its relationship to performance drilling," says Miguel Galuccio, president, Schlumberger IPM.

10/30/2007