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Chief executive and chairman Harry Bradbury said directional drilling under the seabed was extremely expensive and time consuming.
However, he added that by heating up the rock before drilling using fibre optic lasers, the drills would cut through much quicker and reduce the cost of the process by as much as 90 per cent.
As well as reducing the cost of drilling under the sea, it is believed the technology can be used to heat up the rocks to a certain temperature to ensure the right gases are released and limit the amount of useless <a href=http://www.cybermondaytiffanydeals.com>cyber monday deals tiffany</a> waste gases.
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"This builds on a body of research done already, most notably in the US, were certain groups have been able to make use of fibre lasers," said Dr Bradbury.
He admitted the technology sounded like something from a science fiction novel, but added: "Not so long ago if you said you would have a metal rig in the middle of the North Sea that was drilling down deep into the seabed they would think you were talking about a Jules Verne book."
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