Ikona Gear International received an order from Schlumberger Ltd. to provide two customized prototype gearboxes for use in an oil and gas well servicing application. Schlumburger requested that the exact nature of the application remain confidential.
The prototype systems are to be delivered in September and assessed by Schlumberger in both internal and field tests. A successful test program is expected to result in an initial order with a value of approximately $2.5 million.
According to Ikona's press release, Schlumberger is its first customer in the oil and gas market since it formed its new Ikona Industries division in January and launched six new products at the Global Petroleum Oil Show in June.
?We are pleased to be working with the world's leading oil field service company in the development of a new technology to increase oil production,? says Ikona's CEO and president Laith Nosh. ?In addition to our success in the automotive sector, the oil and gas industry holds tremendous promise for Ikona as analysts project the North American market for oil and gas field machinery to be approximately $11 billion per year.?