Oilfield software firm KBC Advanced Technologies reported Tuesday that it has won a seven-year contract to supply a European oilfield services firm with its portfolio of upstream simulation software.
The contract will see the UK-based firm license the unnamed, but "major", company with its Maximus, Multiflash and Petro-SIM software for oil and gas engineering projects and studies. KBC's suite of products covers reservoir chemistry through well bore and pipeline modeling to process facilities simulation.
The deal is worth more than $5.1 million to KBC.
KBC Managing Director of Technology Andrew Howell commented in a company statement:
"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."
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