The Marking Agreement was signed on 20th January 2017, between Enhanced Drilling AS, a company organized and incorporated under the laws of Norway having its registered office at Smalonane 16, 5343 Straume, Norway (hereinafter referred to as "EDR"), and PAG Oilfield Engineering Co., LTD, a company incorporated under the laws of the People's Republic of China having its registered office at 009 Unit E 15/F, Cheuk Nang Paza, 250 Hennessy RD Wanchai, Hong Kong, and its its principal place of business at Room 301 Sanhe building, Xiangzhou Road No. 249 Shahekou District Dalian, China (hereinafter referred to as "PAG").
EDR and PAG may sometimes be referred to herein individually as a "Party" and collectively as the "Parties".
(1) PAG is a company registered in the People's Republic of China and provides drilling products, systems, service and consultancy for the offshore drilling market.
(2) EDR provides innovative drilling solutions to the global offshore drilling industry including the:
- Cuttings Transfer System (CTS)
- Riserless Mud Recovery System (RMR)
- Managed Pressure Cementing (MPC)
- Managed Pressure Drilling (EC-Drill)
(3) EDR and PAG is willing to co-operated where PAG shall market EDR Services with relevant clients in the Chinese market in the standard work and equipment categories for CTS, RMR, MPC and EC-Drill.
(4) The Parties ahve agreed to bind themselves contractually, from the date of issue of this Agreement, by the following clauses and conditions.