KBC Advanced Tech - another nice contract award and offering could be in high demand
The AIM quoted provider of simulation software (55% of H1'14 profits) and consultancy (45%) to the oil/gas sector has announced a seven year contract with a major European based oil field services company for the licensing of KBC's upstream simulation portfolio.
The contract is worth £3.3m 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. It’s great to see products from the Group’s newest acquisition (which was significant) starting to have…