Aberdeen-based Stena Drilling has acquired a minority stake in and formed a three-year technology partnership with Cambridge-based blockchain start-up SmartChainServices (SCS).
The announcement follows a six-month proof of value project, where Stena Drilling applied blockchain and smart contract technology, to reduce and eventually eliminate complex transactions related to International Association of Drilling Contractors reporting and payment-for-rig-performance.
The companies will continue to work together to further develop smart contract solutions for the energy sector, with the aim of offering new contractual models based on milestones such as drilling speed, carbon intensity, or fuel usage – all automatically validated through data.
Colin Dawson, digital business transformation manager of Stena Drilling, said: “We have a unique vantage point for this technology development as we continue to advance our own digital transformation. The sector faces tighter scrutiny around ESG from investors and society as the energy transition takes hold, and smart contract solutions offer a transparent way to demonstrate impact via tracking Scope 1 emissions at the rig, for example.”
Stena Drilling and SCS are scheduled to trial the solution with live data in Q4 2021, in collaboration with a major oilfield operator.