KBC Advanced Technologies plc Cooperation Agreement (5923L)

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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        [phone] 
 Paul Brice, Senior Vice President 
 
 Weber Shandwick Financial            [phone] 
 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

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