Software solutions

Transocean (RIG) and Intellilift partner for software solutions

This story originally appeared on Zacks

Transocean Ltd. PLATFORM formed a joint venture with Intellilift to market products and services based on a digital well construction solution, which the companies are currently developing.

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The joint venture, which will be known as Inteliwell, is intended to integrate digital systems for well construction, drilling control and real-time data monitoring. Intellilift, a subsidiary of Norwegian industrial technology group Nekkar, will hold a 33% stake in the partnership.

The digital well construction solution will connect with the control system of the drilling rig to implement tasks independently according to the well plan, which is designed to speed up the process of well construction. In addition to this, an integrated real-time monitoring platform will measure downhole progress and assess well conditions to provide important and accuracy-enhancing feedback to the drilling control system.

Intellilift has digitized and enhanced increased automation and remote controlled operations in offshore vessels and drilling rigs. The company will provide development resources, licenses for existing software and other services to the joint venture, which was created as a separate entity. Intellilift did not disclose any capital contribution to the joint venture.

With the formation of the joint venture, Intellilift is expected to benefit from Transocean’s global footprint and well construction skills. The partnership aims to provide software solutions that allow operators to continue to improve the consistency of operations, while reducing drilling expenses through more reliable and faster drilling operations.

Company profile and price performance

Switzerland-based Transocean is one of the world’s largest offshore drilling contractors and a leading provider of drilling management services.

Shares of the company underperformed industry over the past six months. The stock gained 4.2% against industry growth of 11.8%.

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Zacks Ranking and Stocks to Consider

Transocean currently has a Zacks rank of #3 (Hold).

Some higher ranked energy players are Diamondback Energy CROC, Chesapeake Energy CHK and Range Resource Company CRR, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the full list of today’s Zacks #1 Rank stocks here.

Diamondback’s net income for 2021 is expected to increase 60.9% year-over-year.

Chesapeake’s net income for 2021 is expected to increase 12.3% year over year.

Range Resources’ net income for 2021 is expected to increase 73.2% year-over-year.

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