iRobot is considering adding an Industrial Division and resurrecting its MicroRig robot codeveloped with Halliburton for oil wells, iRobot CEO Colin Angle and Chairwoman Helen Greiner told Bloomberg.
Other companies are already developing robots for oil exploration, particularly for deep sea wells. While the article quotes a skeptical analyst due to the long lead times for development, I think a well-executed pitch to the big oil majors on partnerships could lead to significant investment. A few tens of millions for research is nothing to a company like Halliburton of Exxon Mobil, but it would be manna from heaven for iRobot.
thx,azimganj
Tags: iRobot, MicroRig, oil robot, oil, robot
Thursday, July 03, 2008
iRobot MicroRig oil robot may be resurrected, new Industrial division considered
Categories:
IRBT News,
Oil Drilling Robot
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2 comments:
"Any benefit iRobot gets from expanding into industrial products would take years to achieve, outside the time horizon of most investors looking at the next 12 to 18 months [...]"
At least this gives me more time to buy shares while they're cheap!
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