4th Feb 2021 10:12
Alliance News) - Hunting PLC on Thursday announced it has agreed to provide Well Data Labs with USD2.5 million in convertible capital financing to support its growth ambitions in the onshore technical well data analytics market.
Well Data Labs is a web application built to manage, analyse, and report technical well data and was founded in 2014. In the US, approximately 50% of the wells fracked use Well Data Labs' proprietary cloud-based software.
The London-headquartered energy services provider said under the alliance agreement, the two companies will maximise the integration of the Hunting Titan perforating product line into Well Data Labs' application set, "providing operators with the information needed to react and adjust the frac based on data obtained from previous stages."
"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," said Chief Executive Jim Johnson.
Shares in Hunting were down 0.9% at 210.80 pence in London on Thursday.
By Zoe Wickens; [email protected]
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