Westwood Investing in Leading-Edge Rig Market Analytics
RigLogix enjoys a longstanding reputation as a premier source of robust data and insights into the global offshore rig market. However, Westwood knew that its intelligence service could be taken a step further.
“We surveyed our clients,” recalled Terry Childs, Westwood’s head of RigLogix. “They told us they held the quality of the data and the timeliness of delivery in very high regard but wanted a more modern user interface, with the ability to forecast activity.”
Having secured feedback from RigLogix users, Westwood embarked on a process to transform the data platform. Steve Robertson, Head of Rigs and Wells with Westwood, stresses that the changes were hardly superficial.
“New RigLogix is a complete re-build, not a re-skin,” said Robertson. “We have built the tool with speed and ease of use in mind. The back-end allows more parameters to be captured, including more granular detail on contracts and options. There is a new interactive RigOutlook function providing five-year forecasts of supply, demand, utilization and dayrate. We will also have new mapping tools and industry benchmarking data.”
Robertson added that Westwood reimagined the entire RigLogix user journey, from the landing page through to the interrogation and integration of data into user workflows. He also noted that the back-end platform was rebuilt to enhance speed and enable market analysts to optimize data capture and input.
“Our end goal is to create a single offshore (OFS) online platform for all of our OFS offerings with common tools and workflow,” said Robertson.
To be sure, Robertson pointed out that New RigLogix preserves a key ingredient that has always been a hallmark of the product.
“While this is a complete re-build, the new platform still relies on the same high-quality data that our clients are so reliant on,” said Robertson. “We’re also going to be running New RigLogix alongside the previous platform to ensure a smooth transition.”
In addition, Robertson noted that New RigLogix brings together the wider Westwood competency to deliver something unique.
“We have field-level data and outlook on wells drilled with a historic understanding of how rig utilization corresponds to macroeconomic and supply-side factors.
“These are coupled with our forward view of wells drilled and rig requirements, which allows us to then apply these correlations over a five-year forecast,” he said. “All of this is possible due to the nature of Westwood and our unique combination of databases, which enable and support historic and forward-looking trends.”
Childs commented that RigLogix’s new tools and interface are designed to optimize the time users spent with the platform, adding that clients hail from across the global exploration and production, OFS, original equipment manufacturing and financial sectors.
“Firstly, our intention is to get the user to the data they require faster, allowing them to do more with the time they have available,” Childs explained. “This means building data manipulation and interrogation tools into RigLogix and taking work out of Excel spreadsheets after an export. We’ve estimated, based on real-world client usage, that RigLogix subscribers could save as much as 50 hours per year or more on the build, run and save of data queries. That’s more time spent applying the data and less time acquiring the data.”