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SK Engineering & Construction Improves Speed and Accuracy of Capital Project Cost Estimation with AspenTech Software

10/09/18

Global Top-Tier City Developer and Infrastructure Builder Deploys Aspen Capital Cost Estimator™ Software to Enhance Economic Evaluation of Capital Projects

BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 9, 2018-- Aspen Technology, Inc. (NASDAQ:AZPN), the asset optimization software company, today announced that SK Engineering & Construction, a global top-tier city developer and infrastructure builder based in South Korea, has deployed AspenTech’s Aspen Capital Cost Estimator™ (ACCE) software after a stringent selection process. The ACCE software deployment will be used to produce more accurate project cost estimates and bids, faster and more efficiently.

The Engineering, Procurement & Construction (EPC) industry requires a single, integrated platform to support engineering and cost estimation, as it reduces cycle time and improves project outcomes. AspenTech’s estimating software suite provides a single economic model for concept evaluation; detailed design, plant revamp and turnaround projects, as well as connects to AspenTech’s process engineering software. This results in faster and more efficient concept evaluation, which helps optimize the final design of the asset.

Thomas (JaeYong) Kim, Senior Cost Estimator, SK Engineering & Construction, said, “A critical success factor for EPCs and owner operators is the ability to maximize efficiency early in the design phase. AspenTech’s ACCE software has helped SK Engineering & Construction maximize efficiency, accuracy and flexibility. For example, the deployment of ACCE software helped a refinery get started with minimal scope definition, increase estimation accuracy, as well as save time and cost.”

“We are pleased that SK Engineering & Construction has deployed Aspen Capital Cost Estimator™ (ACCE) software to achieve asset optimization early in the plant design phase. Leading EPC firms can partner with AspenTech to achieve engineering productivity, generate new revenue streams, increase win rate and reduce risk,” added Dr. Filipe Soares-Pinto, Senior Vice President of Sales, Asia Pacific, AspenTech.

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About AspenTech
AspenTech is a leading software supplier for optimizing asset performance. Our products thrive in complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modeling expertise with big data machine learning. Our purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets faster, safer, longer and greener. Visit AspenTech.com to find out more.

© 2018 Aspen Technology, Inc. AspenTech, aspenONE, the Aspen leaf logo, Aspen Capital Cost Estimator are trademarks of Aspen Technology, Inc. All rights reserved.

Source: Aspen Technology, Inc.

Aspen Technology, Inc.
Georgina Tan, +65 6395 3913
Georgina.Tan@aspentech.com