KBC Advanced Technologies plc Strategic Relationship

TIDMKBC

KBC Advanced Technologies plc

18 June 2014

KBC Advanced Technologies plc ("KBC" or the "Company")

Strategic relationship

KBC Advanced Technologies plc, a leading provider of consulting and software solutions to the hydrocarbon processing industry, and Kongsberg Gruppen ASA ("Kongsberg") are delighted to announce that they will collaborate more closely in a number of key areas focused on improving production solutions for upstream operators. To reinforce the relationship, Kongsberg made an investment in the recent KBC share placing to demonstrate that they find KBC's growth strategy in upstream oil and gas appealing.

With their existing solutions for process simulation, flow assurance, thermodynamics and production assurance, Kongsberg and KBC will be able to offer a more comprehensive lifecycle solution from concept selection to hydrocarbon transport systems. Kongsberg believes that KBC's approach for flow assurance thermodynamics will be supported by the industry at large and sees that the new investments KBC has made to integrate with reservoir and production technology over time are key to changing industry dynamics. Kongsberg is eager to support this integration strategy of process facilities to subsurface and surface production systems technology and this aligns directly with their own strategy

"The relationship between Kongsberg and KBC will ensure more open collaboration in the upstream oil and gas industry where KBC recognises that Kongsberg's existing Lifecycle Simulation approach creates a strong base from which to deliver more complete solutions" commented Andrew Howell,. Managing Director, Technology at KBC.

"Both companies bring significant consulting capability in technical and operational excellence which will be strengthened to empower oil and gas companies to achieve top level performance in human and asset capital" added Jon Starkebye, Senior Vice President Software & Services, Kongsberg Oil & Gas Technologies.

Whilst it is important for both companies to remain as independent technology and service providers for all oilfield service companies and to work with all of them to deliver value to the operators, Kongsberg recognises the value that KBC has been able to deliver in the downstream refining and petrochemical market segments for many decades and looks forward to working with KBC to recreate similar value for upstream operations.

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For further information, please contact:

 
 KBC Advanced Technologies plc 
 Ian Godden, Chairman              +44 (0)1932 236314 
 
 Cenkos Securities plc 
 Bobbie Hilliam/Harry Pardoe       +44 (0)20 7397 8900 
 
 Weber Shandwick Financial 
 Nick Oborne/Stephanie Badjonat    +44 (0)20 7067 0000

About KBC:

KBC, listed on the AIM market of the London Stock Exchange, is a leading consultancy and software provider to the global hydrocarbon processing industry. With over 30 years of experience, KBC combines industry leading technology with experienced engineers and operations personnel using robust methodologies to create personalised, sustainable solutions for its clients. For more information, visit www.kbcat.com.

About Kongsberg:

Kongsberg Gruppen ASA, an Oslo listed company, is an international, knowledge-based group that supplies high-technology systems and solutions to customers in the oil and gas industry, the merchant marine, and the defence and aerospace industries. For more information, visit www.kongsberg.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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