Iceland Drilling Company

What Iceland Drilling Company does

Iceland Drilling Company (Jarðboranir hf.), founded in 1945 and headquartered in Hafnarfjörður, Iceland, is a specialized geothermal drilling contractor that builds high-temperature deep wells for electricity generation, shallower wells for district heating, and injection wells for carbon capture and storage (CCS) in basalt formations. The company operates a fleet of four modular, grid-power-capable land rigs — Thor (350t static hook load, 6,000m depth), Tyr (272t), Odinn (200t), and Sleipnir (100t) — supplemented by high-temperature drilling systems configured for 500°C+ formations, directional drilling packages (MWD Pulse/EM, downhole motors, stabilizers), drilling fluid systems, BOPs, wireline units, and cementing equipment. It complements these assets with fit-for-purpose well engineering and design services spanning feasibility through detailed drilling plans, and has cumulatively drilled over 1,000 wells to depths beyond 4,500 meters globally.

The firm generates revenue through professional-services project contracts awarded by enterprise, government, and municipal buyers — primarily power generation companies, district heating operators, and geothermal project developers — with emerging exposure to CCS project developers such as Carbfix and Climeworks. Geothermal wells built by Iceland Drilling are credited with enabling 7.3 million tons of CO2 savings in 2024 and underpin approximately 30% of Iceland's electricity and 90% of its central heating. As of 2024, Norway-based Archer Well Services holds a 60% ownership stake, providing capital, technology, and a 40+ location international footprint to support scaling beyond the historical Iceland base into the Philippines, New Zealand, the Caribbean, the Azores, and Africa.

The go-to-market model is direct enterprise field sales, supported by the company's website (jardboranir.is), newsletter, and industry affiliations (IADC, IGA, Green by Iceland, KMT, Project Innerspace). Pricing is quote-based and not publicly disclosed, consistent with custom-engineered multi-well construction projects. The company maintains ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and Icelandic IST85 certifications through 2028, supporting its qualification for international tenders.

Name

Iceland Drilling Company

Legal name

Jarðboranir hf. / Iceland Drilling Company Ltd.

Website

https://jardboranir.is

Company type

Private

Founded year

1945

Operating status

Operating

Headcount range

101–250 employees

Short description

Iceland Drilling Company (Jarðboranir hf.), founded in 1945 in Iceland, is a specialized geothermal drilling contractor delivering high-temperature wells for power, district heating, and carbon storage to energy companies, governments, and CCS developers across six continents.

Ownership category

akta.pro rank

Product category

Geothermal Drilling Services

NAICS

Drilling Oil and Gas Wells (213111)

SIC

Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Geothermal Drilling & Well Construction (Production/Injection, Directional, Well Services) (EUAMAEAB)

akta.pro secondary industries

Geothermal Reservoir Engineering & Wellfield Management (Modeling, Stimulation, Reinjection Strategy) (EUAMAEAC), Geothermal BOP & Surface Facilities (Well Pads, Gathering Systems, Brine Handling) (EUAMAFAH)

Keywords

• Geothermal drilling services
• Well construction
• District heating wells
• Carbon storage drilling
• Well engineering design

Headquarters

HQ city

Hafnarfjörður

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Geothermal Drilling Services: Direct contracting of drilling services for geothermal energy projects, including well construction, engineering, and project design. Revenue is generated through project-based contracts for energy companies, governments, and districts requiring geothermal wells.
2. Well Services: Comprehensive well services including directional drilling, well testing, and completion services for geothermal operations.
3. Carbon Storage Well Services: Providing drilling services for carbon capture and storage (CCS) operations, creating injection wells for carbon storage in basalt formations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Iceland Drilling Company provides specialized geothermal drilling services and well engineering for power generation, district heating, and carbon storage (CCS) applications. It contracts a fleet of four proprietary land rigs (100t to 350t hookload) configured for high-temperature, volcanic environments, plus directional drilling, wireline, cementing, and well testing services, to energy companies, governments, and district heating operators globally.

Product overview

Iceland Drilling Company is a geothermal energy services provider offering a comprehensive portfolio of drilling and engineering services. The core offerings include Geothermal to Power (high-temperature deep wells for electricity), Geothermal District Heating (shallower wells for heating), and Carbon Storage (wells for CCS in basalt). The company operates four specialized drilling rigs (Thor 350t, Tyr 272t, Odinn 200t, and Sleipnir 100t) designed for geothermal environments, supported by well engineering and design services, directional drilling, well control systems, wireline services, and cementing equipment. All services are focused on sustainable geothermal energy development with over 80 years of industry experience.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 7.3 million tons CO2 savings in 2024 from geothermal energy production
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered minor and core.

• IADC (International Association of Drilling Contractors)minorOthersNon-profit trade association that is the global leader in advancing the drilling industry, recognized worldwide for accreditation programs, conferences, advocacy efforts, and industry news.
• IGA (International Geothermal Association)minorOthersThe IGA Academy is a platform dedicated to training, educating, and nurturing the next generation of professionals in the global geothermal industry, offering courses from technical skills to policy, environmental, and financial expertise.
• Krafla Magma Testbed (KMT)coreStrategic or Co-development PartnerAn extraordinary scientific endeavour to establish the world's first magma centre – an international, open access research facility with in-situ access to a magma chamber for advanced understanding of magma dynamics, extreme geothermal energy, and volcanic risks.
• Green by IcelandminorOthersA collaborative platform uniting private and public sectors to tackle climate issues and develop sustainable, green solutions, focusing on innovation and renewable energy.
• Project InnerspaceminorStrategic or Co-development PartnerLaunched in fall 2022, the InnerSpace Phase I initiative will publish an interactive global geothermal resources map in 2024, serving as a development guide for stakeholders worldwide.
• Archer Well ServicescoreStrategic or Co-development PartnerRecent strengthened partnership with Archer Well Services enables Iceland Drilling to scale operations, access technological advancements, and bring high-enthalpy geothermal expertise to more regions. The partnership aims to expand global reach for geothermal projects and reduce carbon emissions worldwide.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Baker Hughes: Global energy technology and oilfield services company with geothermal drilling, completions, and power generation capabilities. Comparable as a broad incumbent with overlapping upstream services and equipment.
• Ormat Technologies: Vertically integrated geothermal power company that develops, builds, and operates geothermal plants. Comparable as a global geothermal incumbent that is a potential customer for Iceland Drilling's well construction services.
• Archer Well Services: Norwegian-based well services company and Iceland Drilling's 60% parent. Operates across well drilling, intervention, and platform services globally; overlapping capabilities through its drilling division make it a natural incumbent peer.

Direct peers

• Stena Drilling: Global offshore and onshore drilling contractor operating a fleet of advanced rigs. Comparable as an enterprise drilling services provider with international reach, though primarily focused on oil & gas rather than geothermal.
• Borr Drilling: Premium jack-up drilling contractor serving the international oil & gas industry. Comparable as a fleet-based enterprise drilling services business with a similar contract-based revenue model.
• KCA Deutag: International land and offshore drilling contractor with rigs across multiple continents. Comparable to Iceland Drilling as a B2B drilling services provider serving global energy customers under long-term contracts.
• Shelf Drilling: One of the largest contractors of shallow-water jack-up drilling rigs. Comparable as a multi-rig operator serving global energy customers with a project-based services model.
• Vantage Drilling International: Offshore drilling contractor operating a fleet of drilling rigs worldwide. Comparable to Iceland Drilling as a fleet-operator with international enterprise contracts and similar capex intensity per rig.

Emerging players

• Eavor Technologies: Canadian next-generation geothermal company developing closed-loop geothermal systems. Comparable as an emerging geothermal player that competes for the same end customers, though using a different drilling-light technology.
• GreenFire Energy: Geothermal technology company commercializing advanced closed-loop and superhot-rock systems. Comparable as an emerging player expanding the addressable geothermal market that Iceland Drilling serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/JardboranirIcelandDrillingLtd
• LinkedInlinkedin.com/company/iceland-drilling-company-ltd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iceland Drilling Company