Nabors Industries Forms Strategic Alliance with Corva to Accelerate Digital Transformation of the Global Drilling Industry

Rhea-AI Summary

Nabors Industries (NYSE: NBR) has announced a strategic partnership with Corva to enhance digital and automation solutions in the global drilling sector. This collaboration integrates Corva's innovative App Store with Nabors' SmartROS™ platform, allowing exploration and production companies to utilize standardized automation technologies across diverse rig fleets. By deploying advanced automation without the need for expensive upgrades, the partnership aims to increase efficiency and revenue for drilling contractors. The integration will also enhance communication and data exchange between rig operations and back-office functions, addressing existing gaps in the industry. This initiative is expected to redefine drilling processes, making them more effective and safer.

Positive

• Strategic partnership with Corva enhances digital solutions in drilling.
• Integration allows standardization of automation across various rig manufacturers.
• SmartROS™ enables deployment of advanced automation without costly upgrades.
• Enhances communication and data exchange, improving operational efficiency.

Negative

• No significant negative impacts identified.

• Nabors connects Corva to its universal rig controls and automation platform, SmartROS^™
• Apps built and developed in Corva can monitor and control any rig equipped with SmartROS™
• Enables exploration and production (E&P) companies to standardize their automation technology stack fleetwide, regardless of rig manufacturer
• Empowers all drilling contractors to offer capital-light automation solutions, grow revenues and add value to customers

HOUSTON and HAMILTON, Bermuda, April 20, 2023 /PRNewswire/ -- Corva and Nabors Industries (NYSE: NBR, "Nabors") today announced a strategic technology partnership to provide a first-of-its-kind digital and automation offering to the global drilling industry.

Integrating Corva's industry leading App Store and Dev Center with Nabors' SmartROS™ universal drilling rig controls and automation system is expected to deliver solutions that rapidly scale process and machine automation, enhance remote project oversight and streamline data exchange and collaboration across any AC rig fleet.

Today's Myriad Solutions Limit the Scale and Efficiency of Digital and Automated Rig Solutions

Drilling engineers are inundated with redundant digital solutions and rig control systems to run automated well programs. In addition, clear gaps have emerged in the ability to manage communication between office, cloud and edge solutions. Together, Nabors and Corva seek to simplify the execution of automation on any AC rig. E&P companies can now design custom apps and deploy them across their rig fleet, regardless of the rig provider. In turn, drilling contractors can generate new revenues while bringing added value to their customers and crews.

Nabors' Digital and Automation Platform is Deployable on Any Rig, Regardless of Manufacturer

SmartROS™ is the platform for the digitization and automation of drilling processes. With SmartROS™, drilling contractors can deploy advanced automation to elevate their people, performance and customers without an expensive rig upgrade. The system is developed for drillers by drillers and can be scaled easily across fleets, regardless of rig and equipment manufacturer. Current deployments of SmartROS™ include more than 124 Nabors rigs in the Lower 48, Latin America and the Middle East, as well as 15 non-Nabors rigs.

Nabors' high performance digital infrastructure platform, RigCLOUD®, enables edge computing for remote operations. This provides additional flexibility in deploying advisory automation apps to non-SmartROS™ enabled rigs.

Bringing Rig Controls to Corva's Industry Leading App Store

Corva features more than 100 Apps and Dashboards that automate, monitor and optimize drilling processes. This revolutionary suite encompasses a number of cutting-edge applications including Predictive Drilling, a state-of-the-art machine learning technology that enhances rotary drilling performance. Leveraging the power of artificial intelligence, Corva's Predictive Drilling has provided meticulously designed data visualizations to 27,000 wells, covering a staggering 596 million feet. This advanced technology empowers users to streamline drilling processes and unlock unprecedented levels of efficiency. With this game-changing suite of tools, this partnership is set to transform the drilling industry, positioning itself as a trailblazer in the development and implementation of next-generation drilling technologies.

Combining the Best of Both Worlds – Apps and Universal Rig Controls

Using SmartROS™, Corva extends rig control and real-time data pipelines from the wellsite to the E&P company's back office and mobile devices, enabling customers to drill safer and more effectively. Equipped with Nabors Smart Suite of drilling automation products, RigCLOUD Edge infrastructure, and Corva Apps and Dev Center, this integration empowers onsite and remote users to interact, analyze, and collaborate in powerful new ways.

Overall, this exclusive partnership between Corva and Nabors bridges the gap between Edge and Cloud solutions while improving the return on investment for end-users, with no disruption to current workflows, and creates the best of both worlds' situation for the office and drillers alike.

Management Comments

Ryan Dawson, founder, and CEO of Corva, said: "Through this partnership, Corva and Nabors are creating a unified solution that addresses current industry gaps, touching everyone involved in drilling a well and elevating their experience on the rig or in the office. This collaboration is aimed at providing our customers a new world of possibilities for drilling automation and team communication by pairing best-in-class rig control systems and data pipelines with Corva's App Store, advanced machine learning and physics-based models, and industry-leading user experience."

Subodh Saxena, Senior Vice President of Nabors Drilling Solutions, said: "Integrating our universal rig controls and automation system with Corva's App Store provides the industry a one-stop shop for deploying automation across rig fleets. This creates an unparalleled ecosystem of digital and automation solutions that delivers consistent and repeatable results during the well construction process. In addition, both E&P companies and drilling contractors can standardize on a technology stack that is capital light and empowers them to raise the performance outcomes to the next level across multiple rigs."

About Corva

Headquartered in Houston, Corva is the App Store for Energy, empowering operators and service companies to build solutions at the speed of business. The software developer pioneered a first-of-its-kind cloud-based platform to monitor drilling, completions, and geoscience operations in real time, avoid hazards, maximize crew performance, and drive quantifiable financial efficiencies. Corva's platform supports wellsite operations worldwide on hundreds of rigs and from remote operations centers. Accelerating the expansion of its app store, Corva Dev Center enables customers or third-party developers to rapidly create low-code app solutions with capital efficiency to support their operational needs, reducing development cycles from months to days. For more information, please visit www.corva.ai.  

About Nabors Industries

Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in more than 15 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

Contacts

Corva Media Contact:

Danielle Rockwell
+1 713-397-9137
danielle.rockwell@corva.ai

Nabors Media Contact:

Brian Brooks
+1 281-775-4370
brian.brooks@nabors.com

Nabors Investor Contacts:

William C. Conroy
+1 281-775-2423
william.conroy@nabors.com

Kara K. Peak
+1 281-775-4954
kara.peak@nabors.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/nabors-industries-forms-strategic-alliance-with-corva-to-accelerate-digital-transformation-of-the-global-drilling-industry-301802570.html

SOURCE Nabors Industries Ltd.

FAQ

What is the partnership between Nabors and Corva about?

The partnership aims to integrate Corva's App Store with Nabors' SmartROS™ platform to enhance automation and digital solutions in the drilling industry.

How does the Nabors Corva partnership benefit drilling contractors?

Drilling contractors can deploy advanced automation across various rig fleets without incurring high upgrade costs, potentially increasing their revenues.

What technology is being used in the Nabors and Corva partnership?

The partnership utilizes Nabors' SmartROS™ platform and Corva's App Store for standardized automation technology.

Which companies are involved in the strategic alliance?

The strategic alliance involves Nabors Industries (NYSE: NBR) and Corva.

When was the partnership between Nabors and Corva announced?

The partnership was announced on April 20, 2023.