Hunting Plc, the international energy services group, has agreed to provide Well Data Labs (WDL) with $2.5 million in convertible capital financing on Feb. 4 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 U.S., approximately 50% of the wells fracked use WDL proprietary cloud-based software. The business offers data-driven well reporting and optimization 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 maximize 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.
“The provision of this financing to Well Data Labs allows Hunting to access the key data analytics segment of the completions market,” Jim Johnson, CEO of Hunting, said. “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.”
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