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Halliburton (HAL) Wins KOC Digital Transformation Strategy Deal

Halliburton Company HAL recently secured a contract from Kuwait Oil Company (KOC) to participate in the latter’s digital transformation drive by maintaining and developing digital solutions. The deal covers all Kuwait fields including West, South and East Kuwait as well as Heavy Oil. Plus, it builds on a previously granted contract for comparable services in North Kuwait.

KOC's activities involve exploration, drilling and production of oil and gas within Kuwait. The company’s responsibilities include storage and delivery of crude oil to tankers for export.

The collaboration will enable KOC to boost its data-to-decisions cycle. This is possible by developing and implementing digital twins of the field through the availability of Halliburton’s DecisionSpace 365, which is a cloud-based subscription service for E&P applications, to automate the working method. Based on open architecture, the cloud-based subscription service will assist the KOC experts to model, optimize and utilize insightful working methods to achieve optimal production and asset operations.

Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting, remarked, "This award signifies our strong relationship with KOC as we collaborate and innovate across their company-wide digital transformation initiatives.” He further said that this deal reflects Halliburton's commitment to accelerate the adoption of its digital services as a strategic priority. KOC will benefit from the company's software and consulting services, which will help optimize its assets, save production costs and improve recovery.

In 2020, Halliburton entered into a number of agreements to supply its DecisionSpace 365 to various energy companies including Pertamina, Petronas and Neptune Energy to maximize productivity.

About the Company

Halliburton is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial and government sectors. The company operates in more than 80 countries. Founded in 1919, Halliburton employs in excess of 60,000 people and functions under two main segments, namely Completion and Production, and Drilling and Evaluation.

Zacks Rank & Key Picks

Halliburton currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the  energy  space are Sprague Resources LP SRLP, SilverBow Resources Inc. SBOW and Oasis Petroleum Inc. OAS, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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