Benzinga | Jul 15, 2021 05:01PM EDT

Halliburton Says Petrofac Signs Contract For Co's DecisionSpace 365

Petrofac will use Landmark Digital Well Program(r) to deliver safe, cost effective and productive wells

Halliburton Company (NYSE:HAL) today announced it signed a contract with Petrofac, an international service provider to the energy industry, to adopt Digital Well Program(r), a DecisionSpace(r) 365 cloud application to automate drilling, completions, and engineering processes.

Powered by the iEnergy(r) Hybrid Cloud, the Digital Well Program provides the industry's only integrated digital well program software. It is based on open architecture to enable flexibility so users can co-innovate and create customized solutions to plan, design, and deliver cost-effective and productive wells.

The three-year contract will enable Petrofac to incorporate artificial intelligence, machine learning, and data science to optimize its well engineering service offering. The agreement is part of Petrofac's digital strategy to significantly reduce non-productive time and drive efficiencies across its global operations.

"DecisionSpace365 enables Petrofac to combine well engineering with productivity tools in the cloud to deliver unique value to their customers. We look forward to collaborating with Petrofac to support their digital transformation journey," said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting.

"By combining our decades of well engineering experience with the latest digital technology, such as Halliburton's iEnergy Hybrid Cloud and Digital Well Program, we will drive further efficiencies for our clients," said Nick Shorten, chief operating officer of Petrofac Engineering and Production Services.