Helmerich & Payne announces acquisition of Magnetic Variation Services
Helmerich & Payne announced it has acquired Magnetic Variation Services, (MagVAR), an industry leader in enhancing the accuracy of directional drilling and wellbore optimization.
Through comprehensive 3D geomagnetic reference modeling, MagVAR provides measurement while drilling (MWD) survey corrections by identifying and quantifying MWD tool measurement errors in real-time, greatly improving directional drilling performance and wellbore placement. MagVAR technology has been successfully deployed in both onshore and offshore fields in North America, South America, Europe, Africa, Australia and Asia. Founded in 2010, MagVAR will maintain its headquarters in Westminster, Colorado.
John Lindsay, Helmerich & Payne’s President and CEO, stated, “As the industry continues to drill longer lateral wellbores and unconventional drilling moves into the development stage, we believe accurate well placement becomes increasingly important in order to maximize field economics. MagVAR’s technology helps achieve this and our acquisition of the company reflects our continuing desire to provide performance-driven drilling services and grow our Family of Solutions. Our investment in MagVAR underscores H&P’s commitment to providing the latest value creating technology to our customers regardless of the drilling contractor. Adding MagVAR’s capability to MOTIVE’s unique directional drilling technology generates a powerful software platform that creates a compelling value opportunity for E&P companies. As part of H&P, we believe an official partnership with MagVAR creates a unique and desirable service offering that brings directional drilling accuracy to a new level in the oil and gas industry.”
Dr. Stefan Maus, MagVAR’s Founder and CEO, stated, “Joining forces with H&P and MOTIVE means our technology will have even greater potential to reduce positional uncertainty in the drilling process. This is an exciting development in addressing the critical need to achieve economic value in shale and tight oil plays.”
H&P closed its acquisition of MOTIVE Drilling Technologies in June 2017.
Family of Solutions is a registered trademark of Helmerich & Payne
