August 31, 2017 / 6:22 AM / a year ago

BRIEF-Nabors Industries to buy Robotic Drilling Systems -Odfjell Drilling

Aug 31 (Reuters) - Odfjell Drilling Ltd said on Thursday:

* Robotic Drilling Systems to be sold to Nabors

* Transaction will generate an estimated accounting gain for Odfjell Drilling of approximately $11 million

* Shareholders of robotic drilling systems as ("rds") have today entered into an agreement to sell all shares in rds to nabors industries

* Odfjell drilling holds, through its fully owned subsidiary odfjell drilling technology ltd, approximately 37% of shares in rds

* Full amount will be recognized upon closing which is expected to occur in q3 2017. Completion of transaction is subject to customary closing conditions

* Odfjell drilling and nabors have signed a memorandum of understanding with intention to establish a strategic cooperation agreement

* Odfjell Drilling added: "We are very pleased to sell RDS to Nabors. In the 3 years Odfjell Drilling has been a shareholder in RDS, we have worked closely with the company to develop and field-prove its robotic drilling products. The company is now at the verge of full scale commercialisation and we are confident that Nabors, having a manufacturing group in Canrig, will be a good future home for this exciting technology." Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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