Invest NI has offered £900,000 to the overall cost of the project, which will lead to 52 new jobs.
Hughes Christensen specialises in the manufacture of drill bits which are used to drill for oil and gas throughout the world.
The project will involve the establishment of a new facility to manufacture innovative drill bits to meet the changing needs of the marketplace. The project will also involve the establishment of an associated design facility.
Announcing the investment at Hughes Christensen in Castlereagh, Invest NI's Chief Executive, Leslie Morrison said: "In today's marketplace it is essential that firms continuously innovate to remain competitive. By developing its Northern Ireland production capability for the technologically advanced drill bit, Hughes Christensen is reinforcing its leading position in this sector.
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"In addition to the benefits to the company, including highly customised product design, the establishment of this new facility further establishes Northern Ireland as a prime location for high value added product design and manufacture."
Commenting on the project, Ian Warke, General Manager at Hughes Christensen Belfast, said: "To date, tri-cone drill bit manufacturing has been the core business of Hughes Christensen, Belfast. Global demand for technically advanced products, together with our existing manufacturing and technical skills, has resulted in this project being secured in Northern Ireland. This investment in Polycrystalline Diamond Compact (PDC) drill bit design and manufacture in Belfast confirms our commitment to meeting increased demand for innovative products."
Hughes Christensen is one of the world's leading drill bit manufacturers. The company invests in research and development (R&D) to provide the industry with the latest, value added technology.
(GK/JM)
