Finding Petroleum - Baker Hughes takes stake in Verdande Technology

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Baker Hughes takes stake in Verdande Technology

Friday, September 09, 2011 in Software

Oil service giant Baker Hughes has taken a minority equity stake in Verdande Technology, a company which helps people understand if they might be able to have drilling problems, by comparing data with data from previous drilling projects.

The precise size of the stake was not disclosed.

Baker Hughes has also announced that it will use Verdande's system for its drilling projects and it will help develop the system.

'The DrillEdge platform is expected to help operators lower risk, increase their rate of penetration and reduce non-productive time while drilling," says Scott Schmidt, president of Drilling and Evaluation for Baker Hughes.

"Integrating this capability into our portfolio of real-time optimization and remote drilling services complements our BEACON remote operations platform.

'The technology is expected to help our customers expand their understanding of their wells without increasing their workload as they continue to drill more demanding and technically challenging wells."