Helmerich & Payne Expands Portfolio of Drilling Optimization Software and Capabilities with the Acquisition of DrillScan
August 21 2019 - 3:10PM
Business Wire
Advances H&P Technologies’ Vision for
Autonomous Drilling
Helmerich & Payne, Inc. (H&P) (NYSE: HP) announced today
its wholly owned subsidiary, Helmerich & Payne Technologies,
LLC (H&P Technologies), has acquired DrillScan, a leading
provider of proprietary drilling engineering software, well
engineering services and training for the oil and gas industry.
DrillScan will operate as part of H&P Technologies,
H&P’s dedicated business entity focused on developing advanced
technologies and directional drilling automation solutions to help
customers achieve greater reliability involving wellbore quality,
accuracy and performance. DrillScan brings a team of highly
respected industry experts who will contribute to research,
development and innovation efforts to advance H&P’s digital
technology portfolio. DrillScan will maintain its headquarters in
France and its other international locations, including the United
States.
John Lindsay, H&P president and chief executive officer,
said, “The capabilities DrillScan brings are highly complementary
to H&P Technologies’ drilling optimization and automation
solutions. These software solutions, like other offerings in our
portfolio, will be available to all E&P operators and
directional drillers, regardless of drilling rig contractor.”
Todd Benson, H&P Technologies president, said, “We are
pleased to welcome the talented DrillScan team to the H&P
Technologies family and expect our collaboration with them to
meaningfully advance our vision for autonomous drilling.”
Stéphane Menand, DrillScan president, said, “This acquisition is
a strong recognition of the quality of our modeling software that
has been extensively validated with lab and field data, in
collaboration with E&P operators and academic partners.
DrillScan is a natural fit with H&P Technologies as we share an
intense focus on performance-driving innovation and a commitment to
creating value for the drilling industry. We look forward to
working with the H&P Technologies team to continue developing
software solutions to further advance optimization and automation
in drilling.”
The acquisition of DrillScan follows H&P’s 2017 acquisition
of Motive Drilling Technologies, Inc. (MOTIVE®) as well as H&P
Technologies’ acquisitions of Magnetic Variation Services, LLC
(MagVARTM) in 2017 and Angus Jamieson Consulting (AJC) in 2018.
Together, on the H&P Technologies’ platform, MOTIVE and MagVAR
have created new levels of accuracy and consistency in directional
drilling and have set the industry on the path towards autonomous
drilling with the development of AutoSlideSM. MOTIVE software
enables drilling of higher quality wellbores with a scalable,
repeatable, data-driven platform approach. MagVAR reduces risk and
increases surveying accuracy 50 to 60 percent, resulting in more
consistent and more accurately placed wellbores.
The terms of the DrillScan transaction were not disclosed.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal
advisor to the H&P entities. Andrews Myers, P.C. and
Archers-AARPI served as legal advisors to DrillScan.
About Helmerich & Payne, Inc.:
Founded in 1920, Helmerich & Payne, Inc. is committed to
delivering industry leading drilling productivity and reliability.
H&P operates with the highest level of integrity, safety and
innovation to deliver superior results for our customers and
returns for shareholders. Through its subsidiaries, the Company
designs, fabricates and operates high-performance drilling rigs in
conventional and unconventional plays around the world. H&P
also develops and implements advanced automation, directional
drilling and survey management technologies. For more information,
visit www.hpinc.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190821005702/en/
IR Contact: Dave Wilson, Director of Investor Relations
918-588-5190 investor.relations@hpinc.com
Media Contact: Leslie Agee, Manager of Communications
918-588-2610 Leslie.agee@hpinc.com
Helmerich and Payne (NYSE:HP)
Historical Stock Chart
From Apr 2024 to May 2024
Helmerich and Payne (NYSE:HP)
Historical Stock Chart
From May 2023 to May 2024