DENVER, June 08, 2015 (GLOBE NEWSWIRE) -- TrigPoint Solutions (www.trigsol.com), a leading technology provider in the oil & gas industry, announced the results of an internal study on the effectiveness of PROMPTT® in reducing unplanned downtime costs.
Scandrill Inc., a Houston-based drilling contractor, partnered with TrigPoint in October 2013 after their current asset tracking and operations management platform was no longer meeting their needs.
“We needed an advanced system that would help us manage our assets and personnel and be configurable enough to accommodate our internal safety program and standard operating procedures,” says Paul Mosvold, President and COO of Scandrill. “We asked for a solution that keeps us ahead of the curve - and PROMPTT® delivered.”
After deploying PROMPTT®, Scandrill saw its average NPT percentage drop by 30%. After a year, Scandrill saved $585,916 in NPT costs.
Within fifteen months, that savings had increased to $827,637 – or $1,800 for every day that PROMPTT® was in use.
Says Greg Slater, President of TrigPoint Solutions, “By automating processes and measuring KPIs simultaneously, our clients see the benefits and savings of PROMPTT® from day one.”
In addition to reduced downtime costs, Scandrill also reported a decrease in safety incidents and operational costs. For example, by automating their monthly top drive inspections with internal staff, Scandrill saved another $240,000 a year.
“We need every advantage we can get as we enter these difficult times, and PROMPTT® is one of our aces in the hole,” says Paul.
Moving Forward
To further optimize performance, Scandrill has partnered again with TrigPoint Solutions to deploy RIGIQ® , a prescriptive analytics tool designed to eliminate unplanned NPT. RIGIQ® analyzes well, operations and performance data to highlight trends, patterns, and important KPIs in order to predict when downtime will occur. Its accuracy rate is as high as 90%.
In addition to real-time monitoring and forecasting, RIGIQ® also acts as an optimization tool. The software tells users precisely what specific operational changes are required to prevent future NPT and safety incidents. It integrates seamlessly with PROMPTT®, giving Scandrill a full 360° view of operations.
“RIGIQ® provides the missing link in O&G business intelligence,” says Greg Slater, President of TrigPoint Solutions. “It takes you from ‘preventative’ to ‘predictive’ - and who doesn’t want to know the future?”
To read about more success stories with PROMPTT®, please visit www.trigsol.com/testimonials.
About TrigPoint Solutions
TrigPoint Solutions, Inc. is an established leader in developing cutting-edge mobile technology that enables drilling and service contractors to build safer, more productive, and more profitable businesses. TrigPoint Solutions' integrated asset management, operations, and data analytics systems are used by onshore and offshore contractors at over 700 locations worldwide.
About Scandrill
Since 1977, Scandrill Inc. (www.scandrill.com) has provided land contract drilling services to independent and major oil and gas exploration companies in the in the Ark-La-Tex and Permian Basin. By fostering a culture of safety and learning, Scandrill has been able to reduce human error, lower turnover and decrease NPT throughout their fleet.