TransAct Technologies Inc. won an endorsement from one of the oilpatch’s biggest makers of drill-monitoring systems for the Hamden firm’s rugged new color printer designed specifically for wellfield applications. TransAct also declared a dividend.
Scientific Data Systems Inc. will incorporate TransAct’s Printrex 920 printer in its turnkey Warrior Logging systems that SDS sells to its oil and gas exploration customers, TransAct said Wednesday.
Printrex’s black-and-white and color printers plot on paper data collected from sensors attached to oil and gas drill strings to measure pressure, fluid density, temperature and other vital information aboard onshore and offshore drilling rigs.
Such equipment must withstand harsh conditions, including high and low temperatures, heavy vibrations, dust and fluids, common at drill sites in the U.S. and abroad.
TransAct Chairman and CEO Bart C. Shuldman said his company’s new machine meets the oil and gas industry’s growing appetite for sharper details and contrasts from color printers.
Neither the printer’s pricetag nor the number of units projected to be sold annually was disclosed. A spokesman referred queries to TransAct management who didn’t immediately return a call Wednesday for comment.
Before paying $4 million for the Printrex line in August 2011, TransAct was best known for making electronic coupon dispensers for fast-food restaurants and casinos.
TransAct will pay 6 cents a share on March 13 to common stockholders on record by Feb. 20.