Corva announced that it will add as many as 100 staff to its Houston headquarters in 2019 to keep pace with demand for the company’s drilling optimization platform, currently deployed with 15 customers and 110 rigs across the US and Canada. Oil and gas producers have adopted the software startup’s technology – which combines big data, rich visualization, and monitoring by exception – to improve drilling performance and cost efficiency. The announcement comes amidst oil price uncertainty, which the company anticipates will drive demand for its products as producers turn to advanced technology to cut capital costs and sustain drilling programs.
Corva launched a drilling optimization platform in 2017 that now offers drilling engineers and rig crews nearly 50 software apps. Corva’s platform harnesses real-time rig data and historical well information to drive a wide variety of data analytics that give drillers instant insight into rig conditions, increase rate of penetration and anticipate hazards.
A total of 17 million ft have been drilled using Corva’s real-time drilling platform. Onsite personnel, which includes companymen and directional drilling contractors, leverage Corva’s suite of apps to make minute-to-minute decisions on the rig and improve operational efficiency. Customer results have been significant, including cutting directional drilling time, or sliding, by 1.08 days for a single well, reducing pipe connection time by two minutes, and preventing nine washouts over a 2-month period.
“At Corva, we define success by the number of days we save on rigs, the costs we can quantifiably cut, and the number of catastrophic events we prevent,” Ryan Dawson, founder and CEO of Corva, said. “Our technology has a profound impact across the rig where Corva is saving customers millions and cutting drilling projects by as many as three days.”
“Corva has filled a void that has existed in drilling operations for years to bring big data and real-time analysis together to drill faster, lower-cost, and safer wells,” Mr Dawson continued. “Our current growth is just the beginning as the industry truly enters into the era of factory drilling.”
Corva began 2018 with its first client, who was instrumental in field testing the company’s real-time analytics platform. The Houston-based software startup experienced rapid adoption across the industry, winning contracts with 14 publicly traded oil & gas producers. In December, the number of onshore drilling rigs where Corva’s technology is deployed exceeded 100 rigs. Corva expects to triple its rig count in 2019.