KBC Advanced Technologies Reports Strong 2nd Half

Oilfield simulation technology specialist KBC Advanced Technologies said it had a strong second half to 2014 and its directors anticipate results for the year will be in line with their expectations.

The UK-based firm said its technology revenues saw significant growth to record levels, assisted by the acquisition in July 2014 of FEESA – which has now been successfully integrated into the group. The firm highlighted a seven-year contract with a major oilfield services company for the licensing of KBC’s upstream simulation portfolio as well as several significant software contracts in Asia.

KBC said its consulting operation continued to deliver successfully in South America, winning a $48.8 million contract extension with a South American oil and gas company. This performance was complemented by similarly strong performances in the Middle East as well as growth in Asia and Europe.

Whilst the significant recent oil and gas price pressures are inevitably causing uncertainty across the hydrocarbon industry, KBC is well positioned as it enters 2015 with a significantly stronger order book. Its main business focus and expertise is the provision of profit improvement for clients “at a time when they need to operate their assets more cost-effectively”.

KBC also pointed out that the transition to a new leadership team, with Andrew Howell taking over as CEO and Ian Godden returning to non-executive chairman, “has gone smoothly”.

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