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4 Feb 2021 07:00
For Immediate Release | 4 February 2021 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Strategic Investment
Hunting and Well Data Labs form strategic alliance to advance well data analytics for completions with Hunting providing $2.5 million capital infusion via convertible financing
Hunting PLC (LSE : HTG), the international energy services group, today announces that it has agreed to provide Well Data Labs ("WDL") with $2.5 million in convertible capital financing, to support WDL significant growth ambitions in the onshore technical well data analytics market. This financing will provide working capital to WDL to support its current activities.
Founded in 2014, WDL has quickly emerged as an innovator in downhole data analytics and machine learning. In the US, approximately 50% of the wells fracked use WDL proprietary cloud-based software. The business offers data-driven well reporting and optimisation solutions enabling operators to increase efficiencies by simplifying multiple, complex data sources into actionable, easy to understand, real-time insights.
Today, WDL has over 30 blue chip customers in the oil and gas industry providing data services for over 500,000 frac stages. With much of the research and development foundation already in place, Hunting is investing at a key point in WDL growth cycle.
Under the alliance agreement, Hunting and WDL will seek to maximise the integration of the Hunting Titan perforating product line into WDL application set providing operators with the information needed to react and adjust the frac based on data obtained from previous stages. This is a step change in data availability eliminating the wait time associated with extracting the data after a completed job.
In turn, WDL will benefit from Hunting's distribution network and long standing position as a premium provider of perforating components with industry leading technology.
Jim Johnson, Chief Executive of Hunting, commented:
"The provision of this financing to Well Data Labs allows Hunting to access the key data analytics segment of the completions market. This is a critical area for many operators as the industry drives for higher efficiency drilling operations and faster well evaluation. This investment is an exciting opportunity for Hunting given the synergies with our onshore related products and services portfolio."
Josh Churlik, Chief Executive of Well Data Labs, commented:
"The alliance with Hunting demonstrates the value our data analytics platform delivers to the industry. This exciting partnership provides an opportunity for E&P operators to move their digital strategies forward with AI-enabling technologies helping them optimise operations and move closer to real-time decision-making."
For further information please contact:
Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director Tarryn Riley, Investor Relations
| Tel: +44 (0) 20 7321 0123 |
Buchanan Ben Romney Chris Judd | Tel: +44 (0) 20 7466 5000 |
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
The Group reports in US dollars across five segments: Hunting Titan, US, Canada, Europe, Middle East and Africa ("EMEA") and Asia Pacific. From 1 January 2021, the Group's Canada business has been incorporated into the US operating segment.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.
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