MB Century sells Rig 32 to Webster Energy Services: what the move means for New Zealand geothermal drilling MB Century and Webster Energy Services have agreed the sale of MB Century’s Drillmec HH350 drilling rig, Rig 32, with completion slated for December 2026 after the rig finishes its current campaign for Tūaropaki Power Company. The transaction signals a strategic shift for MB Century,moving away from direct drilling ownership toward concentrating on engineering, reservoir and technical services,while Webster Energy uses the acquisition to deepen its footprint in the New Zealand geothermal market. This article summarises the deal, then drills into the operational, market and workforce implications for New Zealand’s geothermal sector, the strategic logic for both companies, and what the transaction suggests about capacity, competition and future drilling trends. Deal overview and timeline Parties: MB Century (seller) and Webster Energy Services (buyer). - Asset: Drillmec HH350 rig k...
image source : AP/ Business Wire A groundbreaking study on the potential of geothermal energy in Texas has been published, drawing attention to the immense promise of this renewable source of energy. Geothermal energy, which harnesses heat from beneath the earth's surface, has been utilized for thousands of years for its therapeutic properties in hot springs. However, until now, the technology to extract this energy on a large scale has been restricted to areas near volcanoes. Researchers from five Texas universities, along with the International Energy Agency and the University Lands office, have found that the new advancements in geothermal energy extraction make it feasible to extract this energy anywhere. The lead author of the study, Ken Wisian of the School of Geo-sciences at the University of Texas Austin, spoke about their findings in an interview. Wisian cited three key factors that have made geothermal energy a more viable option: improvements in drilling speed and effici...