London, 4th April 2017: Lloyd’s Register (LR), the leading provider of engineering and technology-centric professional services, has signed a memorandum of understanding with IHS Markit (Nasdaq: INFO).

The strategic alliance seeks to explore a relationship which could unify the deep science of LR’s petrophysical solutions suite, and the breath of existing geological and geophysical functionality of IHS Kingdom.

Derek Crombie, LR VP Software & Product Development, commented, “LR is extremely excited to be exploring a significant collaboration with IHS Markit. The opportunity to create an environment for advancing the science of petrophysics, through a single integrated solution, addresses the industry’s demand for accurate, reliable answers to support operational excellence. In addition our collective deep market discovery has uncovered an alignment to drive digital innovation, a strategy which LR is embracing across all of the business sectors it operates in.”

Russell Roundtree, IHS Markit VP of Analytics, said, “The continued development and evolution of the Kingdom solutions constantly seeks to maximise the efficiency and productivity for our user community in one workspace. As we explore the opportunity with LR, it is clear there is further optimisation and advancements which can be made to our current technology platform, which leverages the deep science of petrophysics, and wider subsurface characterisation functionality of the LR platform. The synergies enabled by the integration of our complementary solutions will further empower asset teams to collaborate and coordinate activities in the most efficient and intuitive manner to optimize decision making.”