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Business Excellence - Iceland Drilling Company Ltd.
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Iceland Drilling Company Ltd. 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. A major priority at IDC is to create added value for the benefit of its shareholders. The company constantly aims to achieve a level of profitability that ranks with the best available to investors in Icelandic equities.

Corporate History
Iceland Drilling Company Ltd. (IDC) 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 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.

Upon being founded IDC took over all the operations of the State Drilling Contractors and the company owned by the State and the City of Reykjavík. The owners of the new corporation, i.e. the State Treasury and the City of Reykjavík, owned between them half the share capital. In 1992 the share capital of IDC was offered up for general tender to try for a more distributed IDC ownership.


The establishment of IDC enabled the cutting of costs and a new company strategy in line with that of privately owned contractors to be adopted. The vast experience, inventories and know-how gained over almost five decades of operation in Iceland have moreover been preserved and their continuity maintained.


The company’s first foreign undertaking was a drilling project in the Faroe Islands in 1981. The second overseas project took place in England in 1991. In 1992 IDC started a new drilling project on the Açores Islands (Portugal) in co-operation with Intertec Açores Lda. This project continued with breaks into the year 1997. Early in 1998 IDC took part in drilling project tenders in England and in Ireland, followed by signing a drilling contract with Lisheen Mine Partnership in Ireland. Subsequently IDC established the subsidiary Iceland Drilling (UK) Ltd., in June 1998. The subsidiary is registered in Wales and operates in Britain and other EU-countries. Among other contracts in Europe, ID UK has undertaken high temperature geothermal drilling in the Açores Islands for electricity generation purposes. ID UK is fully owned and controlled by Iceland Drilling Co. Ltd. (IDC) which provides extensive personnel, technical and equipment support and back up for the contracts of ID UK.


Iceland Drilling Co. Ltd and its UK subsidiary Iceland Drilling (UK) Ltd signed in November 2004 an agreement for a drilling project on the Açores Islands with the energy company Sogeo. This is the largest single agreement that the Iceland Drilling Co. Ltd has made outside Iceland, amounting for approximately ISK 500 million. It is planned to start Operations on the Açores Islands in February 2005.

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Corporate Mission

The mission of Iceland Drilling Company Ltd. 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 activities mainly involve utilisation of earth resources and related operations.

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Corporate Vision

On the strength of its foresight and skills, Iceland Drilling Company Ltd. is committed to enjoying international recognition as the most capable expert operator in its field.


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IDC's Financials Statements