Baltasar Kormakur’s Icelandic shingle RVK Studios is set to develop Borkur Sigthorsson’s feature debut “Mules,” a thriller inspired by two real-life criminal cases that shook Iceland.

Pic turns on a corporate lawyer who recruited his parolee brother to help smuggle cocaine to Iceland.

“It’s a thriller set against the backdrop of the whole economy collapse in Iceland,” Kormakur said.

Agnes Johansen, producer at RVK Studios, said the company is in negotiations with potential co-producer, the Stockholm-based Tre Vanner, and sales house Svensk.

“Even though it’s a local story that’s shot in Icelandic, it’s definitely a film that has an international potential and it will shoot in foreign locations,” Johansen said.

Sigthorsson has worked on commercials for Nike, Honda and the Guardian.

“Mules” is now in pre-production and will start an Icelandic shoot with local actors later this year.