KBC Advanced Technologies has announced 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 the company says it 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.”