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IDE shutters rig construction business to focus on power controls

Drilling Contractor Org - Integrated Drilling Equipment (IDE) announced today it has exited the rig construction business to focus on the power and control solutions business. The company will once again operate under the name Integrated Electrical Control Systems (IEC Systems).

“The segment of our business that has proven its resiliency, even in this downturn, has been our power and controls business,” explained Jim Terry, CEO of IDE Holdings Corp. “The most astute drilling contractors realize they won’t be participants in the rebound if they don’t upgrade their drilling rigs with the power and control systems E&P companies demand to help them gain the efficiencies and increased safety that will be more important than ever when commodity prices begin to rise. “When every available rig had a job, it took discipline for drilling contractors to take a rig out of service to replace out-of-date technology that diminished the opportunities for and value of those assets,” Mr Terry continued. “But the market data clearly shows the positive trend to replace outdated technology. We see that trend continuing, especially as contractors have a window of opportunity to make sure their equipment will be competitive and command the highest possible dayrates when drilling activity increases – and demonstrate to their shareholders that they are prepared to be the winners in this cycle.”

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