Sales process of Iceland Drilling initiated

A sales process has been initiated for the sale of all shares in Iceland Drilling. Iceland Drilling is owned by SF III, a fund managed by Stefnir Asset Management, private investors and employees.

Iceland Drilling was established in 1986 on the foundations of its state-owned predecessor that had operated in drilling of geothermal wells in Iceland since 1945. The key aim with establishing Iceland Drilling was to maintain and enhance within the company the specialized knowledge and skill acquired in the field of onshore drilling over the past decades.

Iceland Drilling is a dominant player in the Icelandic market in addition to participating in tenders all over the world. The company has gained significant experience in high-temperature drilling and will operate six rigs in five countries in four continents in 2018 as well an additional number of smaller rigs for low-temperature drilling in Iceland. The company employs 150 people.

Íslandsbanki has been mandated to manage the sale of all shares in Iceland Drilling.