Iceland Drilling Ltd is a leading high technical company in the field of high temperature geothermal drilling and has many decades of experience in both high and low temperature drilling. The company possesses a fleet of new hydraulic rigs and modern drilling equipment that can be transferred swiftly from one part of the world to another. Iceland Drilling operates internationally and with the record of drilling several hundreds of geothermal wells, the company has well-grounded expertise in international drilling. Iceland Drilling Ltd provides Integrated Drilling Services for all onshore Geothermal projects, as well as drilling services in other sectors.
Iceland Drilling Company was founded at the beginning of 1986. The purpose of its foundation was to maintain and enhance within the company the powerful knowledge and skills in the field of onshore drilling which had been accomplished over the past years in Iceland. The origins of IDC date back to 1945 when its predecessor, the State Drilling Contractors (SDC), was established. At the very beginning, it was considered important to guarantee high quality drilling services in Iceland, especially when considering the importance of geothermal energy for the Icelandic economy.
Increased Efficiency through Privatization
Upon being founded, Iceland Drilling took over all the operations of the State Drilling contractors and the company owned by the State and City of Reykjavik. The owners of the new corporation, i.e. the State Treasury and the City of Reykjavík, owned between them half of the share capital. In 1992 the share capital of Iceland Drilling was offered up for general tender to try for a more distributed ID ownership.
The establishment of Iceland Drilling enabled the decrease of costs and a new company strategy in line with that of privately owned contractors was adopted. The vast experience, inventories and know-how, gained over almost five decades of operation in Iceland have furthermore been preserved and continuity maintained.
Dominant Market Share in Iceland
Iceland Drilling has gained a dominant share in the Icelandic market through years of successful work for the country´s major power companies. These clients include Landsvirkjun (The National Power Company), Hitaveita Suðurnesja (Suðurnes Regional Heating Corporation), Hitaveita Reykjavíkur.
The company´s first operation outside Iceland was a drilling project in the Faeroe Islands in 1981. The second overseas project took place in England in 1991. In 1992, Iceland Drilling started a new drilling project in the Azores Islands (Portugal). Since then the company has operated in the Azores, both on San Miguel and Terceira Islands.
Early in 1998, Iceland Drilling took part in drilling project tenders in England and in Ireland, followed by signing a drilling contract with Lisheen Mine Partnership in Ireland. Subsequently, Iceland Drilling established the subsidiary, Iceland Drilling (UK) Ltd., in June 1998. Among other contracts in Europe, Iceland Drilling UK has undertaken high temperature geothermal drilling in the Azores Islands for electricity generation purposes. The company started geothermal drilling in the Azores Islands in 1999, following the establishment of Iceland Drilling LDA, a subsidiary in Portugal in 2006.
Eurothermal Kft. was established in Hungary in 2004. The purpose of the company is to take advantage of the opportunities connected with the exploitation of geothermal power in Hungary, as well as to stretch the operation into Eastern Europe.
Hekla Energy GmbH, Iceland Drilling’s subsidiary in Germany started operating in Mauerstetten (Bavaria) in January 2008.
Iceland Drilling is committed to enjoy international recognition as the most capable expert in geothermal drilling in Europe and achieve the status of being trustworthy, growing and an excellent investment opportunity. The company strives to operate always in good harmony with the environment
Philosophy and Strategy
The mission of Iceland Drilling Company is to create value for its customers and shareholders and thereby boost prosperity in the community. The company operates at an international level and its projects mainly involve utilisation of earth resources and related operations.
Iceland Drilling Company regards rapid advances and ongoing change as the ideal environment for its activities. The company seeks challenging tasks and welcomes competition as a test of its own ability.
Iceland Drilling Company regards organised, methodical work, combined with the initiatives of a coordinated team of employees, as a fruitful way to achieve success in its work. The company operates the best available onshore drilling rigs, focusing on mobility, fast performances, a hight automization degree, safety and enviromental protection.
This modern new generation of drilling equipment, combined with the know-how of over 60 years of drilling expierence, guarantee a fast and therefore high profitable performance for customers.
Iceland Drilling Company strives to employ people with both professional expertise and personal communication skills, who are prepared to do their utmost at demanding jobs. Interesting projects, conditions and occupational development are instrumental in making the company a popular work place where the contribution of the employees is appreciated and safety and well being take precedence.