The contract offshore drilling company will offer a blockchain-based application for optimizing well construction and related activities, with a focus on supply chain management.
Diamond Offshore Drilling Inc. states its mission is to „deliver fresh perspectives to [anticipate and solve] complex deepwater challenges.“ Pursuant to that mission, the company seeks to promote efficiency and reduce total cost of ownership in the offshore drilling industry with its Blockchain Drilling service, the launch of which was announced June 25.
The Blockchain Drilling platform features five key modules:
- The Supply Chain & Logistics Manager creates transparency across the offshore drilling supply chain;
- The Well Planner shows actual versus planned data;
- The Spend Monitor consolidates the costs associated with well construction and compares that to the set budget;
- The Dynamic Critical Path displays process delays in real time; and
- The Performance Tracker, as the name suggests, monitors performance indicators.
These modules are apparently adaptable and scalable to fit individual well or multi-well drilling efforts. The Blockchain Drilling platform will be used throughout the life of a well construction project, from procurement to production. Further, Diamond’s platform claims to allow 24/7 access to the well construction process.
Although specific details about the platform’s system and implementation remain unclear, blockchain technology could help alleviate supply chain problems that affect the offshore drilling industry.
For example, a drilling company may miss a critical „part“ needed for the construction of a well – rig equipment, for one, but also the skilled labor required to operate these rigs. A blockchain record of the supply chain and ancillary data could alert stakeholders of a potential dearth of supplies, such as through an EDCC set to alert the team when supply levels fall below a certain threshold.
„Diamond recorded earnings per share of 14 cents,“ wrote Marc Edwards, president and CEO of Diamond, while sharing the company’s first quarter 2018 results on April 30. „Despite the continuing challenges in the offshore drilling market, we were able to secure additional work for [our rigs].“
Apart from the drilling industry, various companies and groups are experimenting with blockchain-based supply chain solutions. Earlier this month, the South Indian state of Kerala announced it wanted to improve supply chain management of certain foods through blockchain technology. In April, electronics conglomerate Samsung revealed it was looking at blockchain solutions for its global supply chain.
Daniel Putney is a full-time writer for ETHNews. He received his bachelor’s degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.
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