|By Business Wire||
|May 16, 2014 09:00 AM EDT||
Verdande Technology, a provider of real-time predictive analytics decision management solutions, today announced that is has been included in the list of "Cool Vendors" in the “Cool Vendors in Oil and Gas, 20141” report by Gartner, Inc.
This report evaluates four organizations that are bringing innovative capabilities to help oil and gas companies and their Chief Information Officers (CIOs) and Information Technology (IT) managers succeed.
Verdande Technology’s DrillEdge™ uses CBR to help drilling operations increase drilling efficiency and reduce non-productive time (NPT). The technology uses pattern recognition to empower drilling operators to identify cases that indicate an impending operational problem and was active on an average of 60 rigs at any time in 2013 to identify 85 NPT events.
"We consider our inclusion in the Cool Vendor report by Gartner as a confirmation of our mission to apply the power of predictive analytics to our customers’ unique business challenges across the oil and gas industry," says Phil Wade, COO of Verdande Technology. "Our goal over the next year is to continue to build our case library and advance our data analytics technology in the drilling optimization space to further reduce NPT and associated costs for drilling companies."
About Verdande Technology
Verdande Technology AS was founded in Norway in 2004 and is headquartered in Houston, Texas, USA, with regional offices in Trondheim, Norway and Abu Dhabi, UAE. The company is privately funded by Investinor, ProVenture Management, Verdane Capital, Sparebank 1 Midt-Norge and Statoil Technology Invest, and was founded on technology developed at the Norwegian University of Science and Technology (NTNU).
Verdande Technology provides real-time decision management and surveillance solutions to enable organizations to minimize risk and make better, faster decisions by turning their data into actionable intelligence. DrillEdge™ is powered by case-based reasoning (CBR) and is based on the principle that similar problems have similar solutions. A continuously learning system, Verdande’s analytics solution maximizes big data performance by identifying, capturing and analyzing patterns in risk and operational data in real time. It uses past events to proactively predict future problems, rapidly diagnose and correct issues to drive business growth and efficiencies. www.verdandetechnology.com
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1 Gartner “Cool Vendors in Oil and Gas, 2014” by Rich McAvey, Leif Eriksen, April 25, 2014.