Statoil has signed a £13million deal for a new pressure drilling system.
The letter of intent, with AGR Enhanced Drilling’s subsidiary company Ocean Riser Systems, will replaces a deal last year to develop the company’s drill for floating rigs.
The drill, which will be used on the Norwegian continental shelf, is due to begin testing in the autumn.
“This further commitment by Statoil is another significant endorsement of EC-Drill as a game-changing technology and the benefits that it brings,” said AGR’s executive vice president David Hine.