VERNAL, Utah--(BUSINESS WIRE)--
Superior Drilling Products, Inc. (NYSE American:SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, announced today that it has entered into a new, 4-year vendor agreement with Baker Hughes Oilfield Operations, LLC, (“BH”) to provide exclusive drill bit refurbishment services.
Troy Meier, Chairman and CEO of Superior Drilling Products, noted, "We have had a long-time relationship with Baker Hughes and are excited about this mutually beneficial agreement that extends our services for them. We believe the expansion of the market we serve and the minimum volume requirement provided by the new agreement were the result of our quality work, responsive service and consistency over many years. We appreciate Baker Hughes as a customer and look forward to continuing to serve them well, both as part of this agreement and with our other drilling tool technologies.”
Under the terms of the agreement, SDP will now serve an expanded market throughout the U.S., receive a base minimum volume in drill bit refurbishment and continue to provide its drill bit refurbishment services for BH exclusively. The agreement allows for modifications in the event of market deterioration and either party has the right to cancel the agreement with 6-months’ notice.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented StriderTM oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry. Additional information about the Company can be found at: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. Certain statements in this release may constitute forward-looking statements, including statements regarding the Company’s financial position, market success with specialized tools, effectiveness of its sales efforts, success at developing future tools, and the Company’s effectiveness at executing its business strategy and plans. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, our business strategy and prospects for growth; our cash flows and liquidity; our financial strategy, budget, projections and operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein.
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