Discovery Drilling Equipment Ltd.

Discovery Drilling Equipment Ltd.

March 18, 2009 05:00 ET

Geloni Foundation Buys International Operations From IDM Group

CALGARY, ALBERTA--(Marketwire - March 18, 2009) - Geloni Foundation of Liechtenstein is pleased to announce that it has purchased the international business operations of IDM Group from IDM International. The core asset of IDM Group is its rig manufacturing facility located in Stryi, Western Ukraine with sales in the Eastern Hemisphere. The facility is one of the largest of its kind in Europe. Constructing drilling rigs and components for more than 120 years, the facility has been completely modernized within the last 3 years including full ISO and API certification. Production currently ranges from 350 to 2500 horsepower land rigs and they have recently pioneered a 1600 hp multi-directional skidding rig destined for use in Siberia, Russia.

The company will operate under the new name - Discovery Drilling Equipment Ltd.

Andrew P. Zagorodnyuk, a representative of Geloni said: "We are very happy about this purchase as it is an extremely capable company with a unique location and world class quality. This facility builds drilling rigs and rig components for the world drilling industry, meeting the best international standards."

Contact Information

  • Discovery Drilling Equipment Ltd.
    Andrew P. Zagorodnyuk
    Chairman
    +44 (0) 207 408 94 94
    Website: www.discoveryde.com