Drillmec: 2020 Closed with + 63% Turnover Increase on 2019 and a Backlog of 230 Million Euros
The Piacenza-based Company operating worldwide closes a more than positive year despite the Covid-19 pandemic and the economic crisis and looks to the future by focusing on sustainability and innovation.
Drillmec closes its first financial statements after being acquired by the Indian group Megha Engineering & Infrastructures with a positive result, despite the pandemic that has hit the global economy. In fact, the 2020 financial year closed with a turnover at the 31st December of + 63%, compared to the same period in 2019, a backlog of €230 million and a 27% increase in staff (94 units).
“Thanks to the introduction of new advanced technologies, excellent results have been achieved in both the on-shore and offshore markets and important awards that testify Drillmec’s commitment to constantly improve its products and their safety – comments Simone Trevisani, CEO of Drillmec Spa -. Constant attention to research and innovation has always been a hallmark of our company, and today we have yet another confirmation that this is the way to go, towards the total safety of the personnel that work with our products”.
The project supplied to Sapura Drilling in Indonesia was awarded the Royal Dutch Shell rig of the year 2020 award in the platform category, achieving the key objective of zero accidents and introducing a technological innovation capable of reducing the number of operations required during rig-up and rig-down processes, improving operational efficiency and enhancing work safety.
Innovations also affected the on-shore market. In fact, the Striker-800® was developed, a 1,500 HP rig specifically designed to move freely when drilling two rows of wells, known as a cluster, and in two directions. The compact and efficient layout maximises safety and speeds up installation and handling times, capable of moving from one well to the next in just three hours. Among the various innovations of this type of installation, the most significant are the ability to move over existing wellheads and the patented mast lift in a single manoeuvre. The Striker-800® is considered an Ultra High-Tech package and was therefore chosen by a prestigious drilling company working in Argentina with the best operators in the sector award. The rig represents the ideal solution for shale-drilling activities and the promising results achieved in the first year of operation have attracted the attention of professionals, generating great interest in the technology.
In line with current market trends, HoD® has got the attention of different oil companies confirming to be a technology that help accomplish the objective of reducing upstream costs and carbon intensity per barrel of oil. This Drillmec patented technology represents today the simpler and cost-effective solution to manage downhole pressures during drilling operations both onshore and offshore through a 2nd Generation Continuous Circulation System designed to perform drill pipe connections at full mud circulating rate without personnel necessary in risk areas. Critical drilling performance indicators such as risk, safety, efficiency, and cost are easier to control even in very challenging environment. Improving the efficiency of drilling oil and gas wells is considered the most immediate way to minimize use of fossils fuels and consequent GHG emissions. In addition, HoD® technology can be used for renewable energy sources and green initiatives, particularly in conventional and enhanced geothermal system wells, as in wells being drilled for carbon capture and storage initiatives.
“Drillmec achieved excellent results, despite the enormous difficulties that we are facing due to Covid-19 outbreak – said Srinivas Bommareddy, Chairman, Drillmec S.p.A & President of MEIL Group, India -. I want to express great satisfaction on behalf of the group for the work done together in this first year. Thanks to all the people who have made possible to take advantage of the opportunities even in these days of crisis».
Drillmec confirms that as of March 2020 it has all the safety protocols in place to safeguard the safety of the personnel operating within its production facilities in Piacenza, Houston, Gomel and Hyderabad.
