Drilling supplier enters Canada

IMDEX has announced its second takeover in less than two weeks, having agreed to pay $3.5 million for a Canadian drilling systems provider and manufacturer.

It follows an earlier acquisition through which the Perth-based company plans to become a major drilling services provider in the Caspian Sea region of Kazakhstan.

Then yesterday the Perth-based company revealed it has signed a heads of agreement to acquire all of the shares in Poly-Drill Drilling Systems and its subsidiary Poly-Drill Arizona.

The business manufactures and sells polymer drilling fluid-based systems and fluids, as well as solids control activities from Alberta.

“Poly-Drill is complementary to the existing drilling products and services business of Imdex and the acquisition facilitates the global expansion of Imdex’s business,� it said.

“The aim is to become a significant drilling fluids and chemicals supplier to the mining, oil and gas and water well industries in North America and a leading provider of solids control equipment globally.�

Established in 1977, Poly-Drill has focused on polymer drilling fluid base systems primarily designed for coring water sensitive shales, sands and clays.

Imdex said inhibited non-bentonite drilling fluids were gaining acceptance as the preferred method of core drilling and as a result has penetrated the oil sands industry.

Poly-Drill’s fluid systems allow drilling to occur without the use of numerous conventional drilling fluid products, such as fluid loss control additives and gels.

The company also has a solids control system called the Zero Discharge Drilling system, which removes suspended solids from drill water to make removing and disposing potential pollutants easier, as well as reducing costs, saving water and recycling drilling chemical.

Imdex said Poly-Drill was also close to commercialising a solids control system for the removal of oil from drill cuttings.

“Due to environmental issues, many countries require oil cuttings/sludge from oil field drilling activities to be removed and some countries are seeking to enforce a zero impact policy for the environment,� Imdex said.