KBC Advanced Technologies plc Cooperation Agreement (5923L)
April 29 2015 - 2:01AM
UK Regulatory
TIDMKBC
RNS Number : 5923L
KBC Advanced Technologies plc
29 April 2015
Embargoed until 0700 hrs 29 April 2015
KBC Advanced Technologies plc ("KBC", "the Company" or "the
Group")
Cooperation agreement with Kongsberg Oil & Gas
Technologies
KBC Advanced Technologies plc ("KBC") and Kongsberg Oil &
Gas Technologies AS are pleased to announce that they have entered
into a non-exclusive cooperation agreement to develop stronger
simulation software integration and more effective engineering and
operations workflows for the oil and gas marketplace.
The agreement will enhance both companies' abilities to combine
solutions and services that enable current and potential clients to
significantly improve production economics while substantially
reducing the cost of design and production over field life.
The cooperation agreement defines joint technology integration
activities, joint consulting and services offerings and coordinated
sales and marketing activities. At the same time the parties have
signed a mutual reseller agreement to enable them immediately to
cross sell their leading software technology products. This will
allow the industry leading Maximus(TM), Multiflash(TM),
Ledaflow(TM), Petro-SIM(TM) and K-Spice(TM) simulators to be
bundled and sold together as a complete suite for simulation,
optimisation and operator training across the breadth of
hydrocarbon production and facilities.
KBC CEO, Andrew Howell, said, "The market is demanding that oil
and gas technology companies and suppliers develop innovative ways
to create increased value in upstream field development planning,
design and operations. With our combined technology suites and the
depth in consulting capability of both of our strong brands, KBC
and Kongsberg Oil and Gas together are uniquely positioned to
deliver value and to support new ways to realise margin over field
life."
Kongsberg Oil and Gas Senior Vice President, Gunner Pedersen,
commented, "We are very excited at the potential benefits our
combined software and consulting capability can bring to the
current industry situation, and with the very clear synergy between
our organisations. This approach provides short and long term
benefits for our industry to address new, low levels of economic
hurdle rates and to mitigate the uncertainty and risk of future oil
prices. The industry needs a novel approach to efficient production
and here it is."
-Ends-
KBC Advanced Technologies plc +44 (0)1606 815160
Paul Brice, Senior Vice President
Weber Shandwick Financial +44 (0)20 7067 0000
Nick Oborne/ Tom Jenkins
About KBC:
KBC 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. To contact any of KBC's offices,
please visit http://www.kbcat.com/locations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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