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23 Dec 2014 07:00
Embargoed until 0700 hrs 23 December 2014
KBC Advanced Technologies plc ("KBC") announces
£3.3 million contract for upstream software with a major oil field services company
KBC is pleased to announce a seven year contract with a major European based oil field services company for the licensing of KBC's upstream simulation portfolio. This contract covers Maximus™, Multiflash™ and Petro-SIM™ for use by the client in oil and gas engineering projects and studies and reflects the value in KBC's suite of technology from reservoir chemistry through well bore and pipeline modelling to process facilities simulation.
The contract is worth £3.3 million to KBC over a seven year period and combines the newly acquired (July 2014) FEESA Maximus technology for well bore and pipeline modelling with KBC's Multiflash and Petro-SIM software. Multiflash was acquired with the Infochem acquisition in June 2012 and is the standard used by an expanding number of oil and oil field service companies. The contract is also for a substantial number of Petro-SIM licenses for use in life of facility and production optimisation analysis by the client.
Andrew Howell, Managing Director of Technology and Chief Executive Officer designate, commented, "This represents a very significant contract for our technology in upstream oil and gas and we are particularly pleased to see the products from our newest acquisition having an immediate impact when bundled with our existing offerings. The contract win follows a number of other technology contract awards of note in the fourth quarter in the United States, Thailand and Vietnam. It is encouraging to see strong demand for KBC's technology products supporting KBC's focus on being a key software player in the hydrocarbon industries."
-Ends-
For further information, please contact:
KBC Advanced Technologies plc | +44 1932 236314 |
Ian Godden, Executive Chairman | |
Andrew Howell, Managing Director, Technology, and CEO Designate | |
Cenkos Securities plc | +44 20 7397 8900 |
Bobbie Hilliam/Harry Pardoe | |
Weber Shandwick Financial | +44 20 7067 0000 |
Nick Oborne/Stephanie Badjonat/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.
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