TP Group PLC AI system contract in the UAE energy sector (7145Q)

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RNS Number : 7145Q

TP Group PLC

23 June 2020

23 June 2020

TP Group plc

("TP Group", "the "Company" or the "Group")

Artificial Intelligence system contract in the United Arab Emirates energy sector

TP Group (AIM: TPG), the provider of mission-critical solutions for a more secure world, is pleased to announce that it has signed an initial contract worth GBP0.3m with Gulf Data International Co LLC ("gDi"), an IT solutions provider and systems integrator based in Abu Dhabi.

The contract will see TP Group work in partnership with gDi to develop Artificial Intelligence ("AI") tools for use in the oil and gas industry in the United Arab Emirates ("UAE"), and to deliver an optimised production modelling and management solution to a major oil and gas company, also in the UAE.

The proof of concept project will develop a digital model of a selection of specific oil production assets and will be structured around the Optimiser system, which is part of TP Group's existing software suite of AI, machine learning and decision support tools. This first system, and the related decision support algorithms, will be utilised by engineers to develop optimised strategies for production and maintenance management across a range of on-shore production assets.

The initial development will be for six months and will produce an operational solution with the potential to expand to a significantly wider community and other assets. This work will be undertaken by both the TP Group Digital Solutions team based at Fareham in Hampshire and gDi's team in Abu Dhabi, UAE.

Phil Cartmell, Chief Executive Officer of TP Group, commented:

"This is a real breakthrough for our digital solutions team and rewards the hard work and commitment of that team to develop innovative solutions for our global customer base across multiple industrial sectors, building upon our AI pedigree and opening up a wide range of opportunities.

"It also marks the first commercial business with our first industry solutions partner, and we look forward to working with gDi in the future to build upon this contract and generate further business in the oil and gas sector."

For further information, please contact:

 
  TP Group plc                              Tel: [phone] 
  Phil Cartmell, Chief Executive Officer 
  Derren Stroud, Chief Financial Officer 
  www.tpgroup.uk.com 
 
  Cenkos Securities plc                     Tel: [phone] 
  Stephen Keys / Mark Connelly / Callum 
   Davidson 
  www.cenkos.com 
 
  Vigo Communications                       Tel: [phone] 
  Jeremy Garcia / Charlie Neish 
  www.vigocomms.com 
 

Notes to Editors

TP Group delivers complex equipment, software and services for mission, business and safety critical applications in defence, space, intelligence & security and energy sectors. With more than 400 people in 6 European countries, it serves global customers through long-term contracts. The Group's shares have been traded on AIM since July 2001.

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June 23, 2020 02:00 ET (06:00 GMT)