GA Drilling landed €7.3m investment from US-based Nabors

Slovak company GA Drilling (Igor Kočiš) landed a €7.3m investment from US-based Nabors, which owns the largest land drilling fleet in the world. Nabors is getting about a 10% stake in the company. GA Drilling’s deep drilling technology will be integrated into Nabors facilities. It was forced to lay off half of its 160 staff during the pandemic as its research projects came to a halt and it lost partners amid low oil prices. So far, it has raised €60m from investors such as MOL, Extantia, Neulogy Ventures and Slovak Investment Holding, but its technology is yet to succeed commercially. It will move part of its research staff to Houston and aims to launch its first geothermal energy project in 2024.

(dennikN.sk)