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  1. Analysis
May 9, 2022

Fintech innovation among offshore industry companies has dropped off in the last year

Analysis of patent filings shows a shrinking level of fintech related applications in the industry over the past year

By Data Journalism Team

Research and innovation in fintech in the offshore oil and gas industry operations and technologies sector has declined in the last year.

The most recent figures show that the number of fintech related patent applications in the industry stood at 15 in the three months ending March – down from 21 over the same period in 2021.

Figures for patent grants related to fintech followed a different pattern to filings – stagnating from nine in the three months ending March 2021 to nine in the same period in 2022.

The figures are compiled by GlobalData, which tracks patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Fintech is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from. The figures also provide an insight into the largest innovators in the sector.

Saudi Arabian Oil Co was the top fintech innovator in the offshore oil and gas industry operations and technologies sector in the latest quarter. The company, which has its headquarters in Saudi Arabia, filed six fintech related patents in the three months ending March. That was up from zero over the same period in 2021.

It was followed by the US-based Halliburton with four fintech patent applications, the US-based Honeywell International (3 applications), and India-based Reliance Industries (1 applications).

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