A second rig is also under contract due to the high and immediate demand for NTD's services.

NTD was formed in 2017 to combine the best of Iceland's geothermal drilling experts and operators with innovative equipment and techniques proven internationally. The company is at the forefront of slim well drilling, combined exploration-production well design and the integration of top-hole drilling with careful equipment selection.

The most efficient drilling operations integrate a range of critical equipment 

Geir Hagalinson, CEO of NTD, said: "People often focus only on the rig, but the most efficient drilling operations integrate a range of critical equipment selected for the job at hand.

"Just like racing cars or flying jets, the pilot matters and it is, of course, more important how you use the equipment. We aim for the right balance of experience proven over decades of work in different countries and geology alongside new innovations in equipment, well design and operations."

With active projects and joint ventures in Central Europe, South America, India, Japan and Indonesia, NTD has followed a well-proven strategy of exporting unique Icelandic expertise in geothermal. It is now bringing that international experience back home to address the significant drilling related to onshore salmon farms as well as continued geothermal work.

Based on stated plans by several companies in aquaculture and geothermal, the combined requirement will be several hundred new wells to be drilled in Iceland over the next several years. Following the announcement of NTD's contract with HS Orka for geothermal drilling services at the Reykjanes Power Plant now underway, NTD will be announcing a series of new contracts for drilling work in Iceland and abroad.

Got a story? Email: duncan.moore@aspermont.com