Hunting PLC Strategic Investment (9348N)
February 04 2021 - 2:00AM
UK Regulatory
TIDMHTG
RNS Number : 9348N
Hunting PLC
04 February 2021
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 Tel: +44 (0) 20 7321 0123
Jim Johnson, Chief Executive
Bruce Ferguson, Finance Director
Tarryn Riley, Investor Relations
Buchanan Tel: +44 (0) 20 7466 5000
Ben Romney
Chris Judd
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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END
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