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19 Dec 2012 07:00
Embargoed until 0700 hrs 19 December 2012
KBC Advanced Technologies plc ("KBC")
US$100 million new consulting and software contract
KBC has signed a major new contract with EP PETROECUADOR (the integrated state national oil company of Ecuador) for the supply of a Best Practices Plan for the Technical and Operating Sector of the Esmeraldas Refinery in Ecuador over a period of four years. The comprehensive programme of support includes the full range of KBC services to improve the overall performance of this 110,000 barrels/day design capacity refinery, with a focus on margin improvement and the capability of the workforce. As part of the contract, EP PETROECUADOR will take a five year licence for KBC's process and energy modelling software tools, including the full Petro-SIM™ suite, to optimise the operation of the refinery.
KBC will work with EP PETROECUADOR, both directly and through a major subcontractor, to improve its core work processes and support systems, as well as develop the technical capability of the workforce.
The total contract award by EPP to KBC is US$100m and the contract will be delivered over four years commencing this month. It is anticipated that significant elements of the technology transfer package, including the Petro-SIM licences, will be delivered in the early stages of the contract and delivery of significant consulting milestones will take place within the first 12 months.
Ian Godden, KBC's Chairman, said today: "We are honoured to be working in partnership with EP PETROECUADOR in its mission to achieve best practice in its operations. This is a major new client for us which expands our footprint in the South American region - an important growth market for us. The award of this contract significantly improves our work backlog into 2013 and beyond and validates KBC's technology and service offering, which provides an integrated solution to our oil and gas clients worldwide."
- Ends -
For further information, please contact:
KBC Advanced Technologies plc | |
Ian Godden, Chairman | +44 (0)1932 236314 |
Caroline Brown, Chief Financial Officer | +44 (0)1932 236314 |
Cenkos Securities plc | |
Bobbie Hilliam/Max Hartley/Callum Davidson | +44 (0)20 7397 8900 |
Weber Shandwick Financial | |
Nick Oborne/Stephanie Badjonat/Robert Cook | +44 (0)20 7067 0700 |
Notes to Editors:
KBC is a leading consultancy and software provider to the global energy, process and natural resources sectors. With over 30 years of experience, operating out of 14 global locations, KBC combines best-in-class software with experienced engineers and operations personnel using robust methodologies to create world class solutions for its clients. For more information, visit www.kbcat.com
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