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Cubility signs LOI with Samsung Heavy Industries to install MudCubes on Statoil rigs

SANDNES, Norway -- Cubility, creators of the world’s first solids control equipment to utilize vacuum conveyor technology, has signed a Letter of Intent (LOI) with Samsung Heavy Industries to install 12 MudCubes on two of Statoil’s Category J harsh environment jackups in the North Sea. The two companies also agreed on prices and conditions for two additional Statoil Category J rigs, which could double the number of total MudCube installations for this project, if the project is extended.  This implementation marks MudCube’s first commercial system on an offshore newbuild project in the North Sea.

A final agreement between the companies is expected to close in the coming months, with the first six MudCubes to be delivered in the fourth quarter of 2014. Subsequent MudCubes would be delivered and installed on the rigs every four months thereafter.

Designated by Statoil as a proven technology in 2012, the MudCube handles the drilling fluid treatment process by delivering an enclosed, integrated cleaning system that replaces conventional versions comprised of multiple components.

09/18/2013

 

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