EDMONTON, AB, Oct. 3, 2024 /CNW/ - McCoy Global Inc. ("McCoy," "McCoy Global" or "the Corporation") (TSX: MCB) today announced the acceptance of a contract award totaling CAD$4.3 million for several enhanced smart casing running tools (smartCRT™s) destined for the Middle East market. Delivery of the tools is expected to begin in the fourth quarter of 2024.
"Recent trends in the CRT market presented an opportunity for McCoy to challenge our Technology team to expedite the development of our enhanced smartCRT™ to meet these market requirements," said Jim Rakievich, President & CEO. "This enhanced technology is fully ready to integrate into our smarTR™ system and represents an important milestone on our journey towards automating tubular running services. Our unique, patented solution is an additional enhancement to our smart product suite, providing safe and efficient solutions in the tubular running market. We are eager to officially launch the tool at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in November of this year."
In the first quarter of 2024, National Oil Companies (NOCs) and major operators in certain key regions announced new Casing Running Tool (CRT) requirements for future contract tender awards, impacting the CRT market in these regions. While the new requirements have hampered order intake for McCoy's CRTs throughout much of 2024, McCoy's enhanced smartCRT™ will not only address the new contract requirements, but also offer an intelligent, connected enhancement to conventional casing running tools available today. This tool provides superior safety, efficiency and simplified operating procedures along with real-time data collection and analysis capabilities. This technology mitigates the risk of conventional CRT, while providing actionable insights that optimize future performance. We anticipate that new tool enhancement will provide McCoy with a competitive advantage going forward.
About McCoy Global Inc.
McCoy Global is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Corporation has offices in Canada, the United States of America, and the United Arab Emirates and operates internationally in more than 50 countries through a combination of direct sales and key distributors.
Throughout McCoy's 110-year history, it has proudly called Edmonton, Alberta, Canada its corporate headquarters. The Corporation's shares are listed on the Toronto Stock Exchange and trade under the symbol "MCB".
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