SBM Offshore Expands Commitment to AspenTech's Oil & Gas Simulation and Optimization Applications
CAMBRIDGE, Mass.--(BUSINESS WIRE)--June 15, 2006--Leading global supplier to the offshore oil & gas industry extends use of Aspen HYSYS(R) applications to design and optimize production facilities
Aspen Technology, Inc. (Nasdaq: AZPN) today announced that SBM Offshore, a major owner and operator of floating production storage and offloading systems (FPSOs), has signed a multi-year license agreement to expand its use of AspenTech's engineering solutions. The new agreement provides access to applications including Aspen HYSYS and the Aspen HYSYS Upstream(TM) option which are key components of the integrated aspenONE(TM) for Oil & Gas solutions. SBM will use the applications to support the design and optimization of new and existing oil and gas production facilities.
This latest commitment builds on the earlier agreements signed by several SBM Offshore Group companies - GustoMSC, SBM-Imodco and Single Buoy Moorings - in which they adopted Aspen HYSYS as their standard simulation platform. The new agreement enables SBM to expand its usage of the tools to support a range of other applications including Aspen HYSYS dynamic simulations and the design of heat transfer equipment.
"AspenTech's simulation applications are specifically designed for our industry," said Mike Wyllie, Chief Engineer, SBM. "Providing our engineers with flexible access to more tools will enable us to make better design and investment decisions, in addition to increasing our engineering efficiency on upstream projects."
"Aspen HYSYS is recognized as the leading platform for simulation and optimization in the oil & gas industry," said Blair Wheeler, Senior Vice President, AspenTech. "SBM's decision to expand its commitment to Aspen HYSYS applications reflects the value they can deliver to upstream companies by optimizing the design and performance of production systems."
The Aspen HYSYS process simulation environment used by SBM combines a user-friendly architecture with industry-leading simulation technology. The Aspen HYSYS Upstream option extends these capabilities by providing industry standard methods and techniques for handling petroleum fluids.
License revenue from this transaction was recognized in AspenTech's fiscal quarter ending March 31, 2006.
About SBM Offshore
The Dutch public company SBM Offshore N.V. is the holding company of a group of international, marine technology orientated companies. Its business is to serve on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, and offshore oil and gas production services. The product line comprises: offshore import/export terminals for crude oil, refined products, LPG and LNG, mostly based on the single point mooring principle, Floating Production and/or Storage and Offloading systems (FSOs and FPSOs) and other floating production facilities based on ship hulls, semi-submersibles and Tension Leg Platforms (TLPs); offshore oil and gas production services through FSOs and FPSOs owned and operated by the Company; offshore construction and installation contracting services; special designs and engineering services and delivery of specific hardware components for dynamically positioned drillships, semi-submersible drilling platforms, jack-up drilling platforms, jack-up platforms for civil construction, large capacity offshore cranes, elevating and lifting systems, crane vessels and other specialized work vessels. For more information, visit www.sbmoffshore.com.
Aspen Technology, Inc. provides industry-leading software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. AspenTech's integrated aspenONE(TM) solutions are aligned with the key industry business processes, providing manufacturers the capabilities they need to optimize operational performance, make real-time decisions and synchronize the plant and supply chain. Over 1,500 leading companies already rely on AspenTech's software, including Bayer, BASF, BP, Chevron Corporation, DuPont, ExxonMobil, Fluor, GlaxoSmithKline, Sanofi-Aventis, Shell, and Total. For more information, visit www.aspentech.com.
This press release may contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including, without limitation: AspenTech's plan to improve operational performance may not be implemented effectively; AspenTech has identified material weaknesses in its internal controls with respect to software license revenue recognition and other matters, that, if not remedied effectively, could result in material misstatements; risks around securities litigation and investigations; AspenTech's lengthy sales cycle makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; the possibility of new accounting standards or the interpretation of existing accounting standards affecting our financial results; AspenTech's ability to raise additional capital as required; intense competition; AspenTech's need to develop and market products successfully; reliance on relationships with strategic partners; challenges associated with international operations; and other risk factors described from time to time in AspenTech's periodic reports filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.
AspenTech, aspenONE, Aspen HYSYS, Aspen HYSYS Upstream and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
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SOURCE: Aspen Technology, Inc.