The partnership comes from a shared vision and mutual growth opportunities from complimentary product lines of both groups.
Kevin Langan, Managing Director at Paradigm Drilling Services comments, “For what was a tough year across the board in 2020, we’re really pleased to be kicking off the new year in a position where we are able to provide support to Norwegian Operators via a strategic partnership with Toolserv AS.
This strategic partnership between Paradigm Drilling Services and Toolserv AS is pivotal for both parties and is viewed by Paradigm as being the best option to introduce and develop the Norwegian market for Paradigm Drilling Services due to the vast client network and solid reputation already held by Toolserv. For Toolserv, Paradigm offer the opportunity to bring innovative drilling tools to a competitive Norwegian marketplace that will improve drilling performance and efficiency, ultimately delivering wells quicker and with added value to the operator and/or drilling contractor.
The contract covers Norway with plans for expansion into further countries and territories as business opportunities arise.
Toolserv AS’s CEO, John Vestre comments, “The current downhole tool market in this region is estimated to be worth USD10-15M, we’re acutely aware of the demand for innovative and dynamic value-added solutions in the marketplace... Beside our own completion tools, Toolserv represents two innovative company’s (Paradigm & Vulcan) whom both strive to achieve a reduction in total operating costs with the solutions they provide... Our partnership within these companies means we can offer improved drilling performance and innovative value driven results in both the well construction and completion arenas”.
Langan concludes “We hope that with the dedication and hard work of both the Paradigm and Toolserv teams and the ongoing support of the significant client base in Norway, this new venture will be successful and help both companies to continue to grow and expand in the coming years.