Diamond Offshore launches first application of blockchain technology in offshore drilling industry
OREANDA-NEWS. June 26, 2018. Diamond Offshore Drilling, Inc. (NYSE: DO) today announced the launch of its Blockchain Drilling service, the first application of blockchain technology in the offshore drilling industry. This service drives efficiencies and enables oil and gas operators to reduce their total cost of ownership.
The Company's Blockchain Drilling service provides an immutable platform for the optimization of well construction activities, including drilling related services, materiel and the supply chain, both shore-based and offshore. Users can access and analyze performance from any web accessible device for near real-time TCO management.
The cloud-based Blockchain Drilling platform is scalable and the baseline system consists of five modules to drive efficiencies and eliminate waste:
- Supply Chain & Logistics Manager - provides transparency, provenance and immutability across the entire supply chain
- Well Planner - displays actual versus planned time-to-depth data with detailed events
- Spend Monitor - aggregates total well construction costs versus budget
- Dynamic Critical Path - shows real-time bottlenecks as they develop
- Performance Tracker - monitors operational key performance indicators (KPIs)
Configurable modules can be adapted on the Blockchain Drilling platform for individual well or multi-well campaigns based on customer needs. The platform will be used in the procurement stage through the construction, completion and production phases. Tracking, planning, and optimizing the well(s) through each phase provides the ability to reduce spend, eliminate waste, improve processes, and better align all parties needed to deliver a well successfully.
Developed in partnership with Data Gumbo Corporation, the Blockchain Drilling service will be implemented fleet-wide on Diamond Offshore drilling rigs, creating the industry's first Blockchain Ready Rig™ fleet.
"Data Gumbo is excited to partner with Diamond Offshore, applying our industrial Blockchain as a Service (BaaS) solution in support of this first-of-its-kind Blockchain Drilling platform," said Andrew Bruce, President and CEO of Data Gumbo Corporation.
"The Blockchain Drilling platform provides our customers with an economical, scalable foundation for building blockchain applications to optimize their projects while reducing TCO," said Marc Edwards, President and CEO of Diamond Offshore. "With the implementation of this service, together with recently released innovations, Diamond is further demonstrating our thought leadership in the offshore drilling market."
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe. Additional information and access to the Company's SEC filings are available at www.diamondoffshore.com. Diamond Offshore is owned 53% by Loews Corporation (NYSE: L).