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AspenTech Announces Global Engineering Software License Agreement with AMEC

05/23/03
    Tools for economic evaluation enable engineers to identify the
                most cost-effective design alternatives
               in the early stages of customer projects

Aspen Technology, Inc. (Nasdaq: AZPN) today announced a multi-year software license agreement with AMEC plc, a leading international engineering services company. The new agreement provides AMEC's worldwide locations with expanded access to Aspen Engineering Suite (AES)(TM) solutions, enabling the company to further improve project execution for its customers in the upstream, gas processing and pipeline sectors.

AMEC has been a long-time user of AspenTech's HYSYS(R) process simulation environment, providing the company with a standard set of tools for process design, modeling and optimization. The new agreement builds on this previous relationship by giving greater access to other AES technologies, including use of the heat exchanger modeling software and the Aspen Icarus(TM) solutions for economic evaluation. The Icarus tools are particularly valuable in the early phases of conceptual engineering, where they can demonstrate the economic implications of selecting competing process designs. The ability to understand the cost implications of design decisions could result in significant potential cost savings for AMEC's customers.

"AspenTech is a strategic supplier of engineering software to AMEC and its solutions play a key role in helping us to deliver high-value services to our process industry clients," said Steve Trench, Manager of Engineering, Downstream Oil, Gas and Process, of AMEC. "This new agreement gives our engineers access to important new tools for economic evaluation, enabling them to identify the most cost-effective solutions early in the design process."

The agreement with AMEC has been structured to reflect the dynamic nature of the company's business. It provides engineers with flexible access to the software at all of its worldwide locations, allowing AMEC to react quickly to project and business demand, and execute new and existing projects more efficiently.

"AMEC is recognized for its global expertise in the upstream and downstream oil and gas industry," said David McQuillin, President and CEO of AspenTech. "The expansion of our partnership builds on the strong relationship we have established over many years, and reflects the value that our AES solutions can deliver to leading engineering service providers and their customers."

The Aspen Engineering Suite is an essential element of AspenTech's solutions for Enterprise Operations Management in the process industries. These integrated, enterprise-wide solutions combine engineering and manufacturing/supply chain technologies to help companies optimize the way they engineer and run their manufacturing and supply chain operations.

About AMEC

AMEC plc provides engineering, design, project delivery and maintenance support to clients in the oil & gas; transport; infrastructure and industrial sectors. The company generates revenues of some 5.5 billion pounds and works at the local, national and international levels, employing 50,000 people throughout the U.K., continental Europe, North America and some 40 countries worldwide. For more information on AMEC go to http://www.amec.com.

About AspenTech

Aspen Technology, Inc. provides industry-leading software and implementation services that enable process companies to increase efficiency and profitability. AspenTech's engineering product line is used to design and improve plants and processes, maximizing returns throughout an asset's operating life. Its manufacturing/supply chain product line allows companies to increase margins in their plants and supply chains, by managing customer demand, optimizing production, and streamlining the delivery of finished products. These two offerings are combined to create solutions for Enterprise Operations Management (EOM), integrated enterprise-wide systems that provide process manufacturers with the capability to dramatically improve their operating performance. Over 1,500 leading companies already rely on AspenTech's software, including Aventis, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, Foster Wheeler, GlaxoSmithKline, Shell, and TotalFinaElf. For more information, visit www.aspentech.com.

Certain paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in cyclical industries; adverse global economic conditions; AspenTech's ability to raise additional capital as required; the FTC's investigation of the Hyprotech acquisition; the outcome of AspenTech's restructuring plans; intense competition; AspenTech's need to develop and market products successfully; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release.

AspenTech, Aspen Engineering Suite, HYSYS, Aspen Icarus and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.


    CONTACT: For Media:
             Aspen Technology, Inc. Peter Watt, +44 1223 819-752
             peter.watt@aspentech.com
             or
             For Investors:
             Aspen Technology, Inc. Joshua Young, 617/949-1274
             joshua.young@aspentech.com

    SOURCE: Aspen Technology, Inc.