Wood said he plans to order more rigs as long as the oilpatch continues to maintain its pace. And so far there are no dark clouds looming for the industry.

The highly portable rigs involve the latest design technology combining a number of features in a single rig. A hydraulic system moves pipe in both directions, pulling up to 250,000 pounds (112,500 kilograms) or pushing as much as 115,000 pounds (51,750 kilograms).

The rigs are versatile enough to be used on dead wells and also in underbalanced drilling, which uses drilling fluids instead of snubbing equipment to block the upward flow of hydrocarbons. Automated systems prevent equipment from being overtaxed and boost safety for operators.

The company took a cautious approach to the new technology. It held off filling the next order until High Arctic was sure it had the right design.

EDM/Sense designs and manufactures the main components of the rigs including hoisting and hydraulic components, operating system and tower. Final assembly and commissioning will be handled by High Arctic in its Edgar Industrial Park plant.

The rig purchases also put the company farther down the road to becoming a global leader in underbalanced drilling.

Wood said he plans to order more rigs as long as the oilpatch continues to maintain its pace. And so far there are no dark clouds looming for the industry.

The highly portable rigs involve the latest design technology combining a number of features in a single rig. A hydraulic system moves pipe in both directions, pulling up to 250,000 pounds (112,500 kilograms) or pushing as much as 115,000 pounds (51,750 kilograms).

The rigs are versatile enough to be used on dead wells and also in underbalanced drilling, which uses drilling fluids instead of snubbing equipment to block the upward flow of hydrocarbons. Automated systems prevent equipment from being overtaxed and boost safety for operators.