Statoil Expands Commitment to AspenTech's Simulation and Optimization Applications
CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 26, 2005-- Aspen Technology, Inc. (Nasdaq: AZPN) today announced that Statoil, a major Norwegian oil & gas producer, 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(R) and the Aspen HYSYS Upstream(TM) option which are key components of the aspenONE Simulation and Optimization for Oil & Gas module. Statoil 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 agreement signed in 2004 in which Statoil adopted AspenTech's integrated solution for Front-End Engineering Design (FEED). This solution combines process simulation, economic evaluation and engineering data management, and has enabled Statoil to create more efficient engineering work processes for major new exploration and production projects.
"AspenTech's simulation applications are specifically designed for the complex fluid behavior found in oil & gas systems that makes them difficult to analyze and optimize," said 0ivind Nilsen, Vice President Process Technology and Mechanical Equipment, Statoil. "Providing our engineers with access to these tools in combination with the integrated FEED solution will enable us to make better design and investment decisions, in addition to increasing our engineering efficiency on upstream projects."
The FEED solution adopted by Statoil is based on the Aspen HYSYS process simulation environment, which 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. It also provides the ability to link to leading third-party applications that model oil & gas gathering networks, enabling both steady-state and dynamic simulation of entire oil & gas production systems, from the wellhead through to the production facilities.
"The Aspen HYSYS platform is recognized as the leading production facility engineering environment for the upstream industry, and provides the foundation for the integrated aspenONE for Oil & Gas solutions," said Blair Wheeler, Senior Vice President, AspenTech. "By extending its commitment to this platform, and adding the new capabilities provided by the Aspen HYSYS Upstream option, Statoil will be able to maximize the effectiveness of its engineering resources."
Statoil is an integrated oil and gas company with 23,899 employees and activities in 29 countries. Its total revenues in 2004 came to NOK 306.2 billion. The group is operator for 60 per cent of all Norwegian oil and gas production, and its international production is rising steeply. One of the world's biggest sellers of crude oil, Statoil is also a major supplier of natural gas in the European market and has substantial industrial operations. The group has service stations in the Scandinavian countries, Ireland, Poland, the Baltic states and Russia. Statoil is listed on the Oslo and New York stock exchanges. For more information, visit www.statoil.com.
Aspen Technology Inc. provides industry-leading software and professional services that help process companies improve the efficiency of their business processes, optimize their operational performance and enhance their financial results. The new generation of integrated aspenONE(TM) solutions gives manufacturers the capabilities they need to model, manage and control their operations, enabling real-time decision making and synchronization of the plant and supply chain. Over 1,500 leading companies already rely on AspenTech's software, including Aventis, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, GlaxoSmithKline, Shell, and Total. For more information, visit www.aspentech.com.
The first paragraph of this press release contains 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: AspenTech's plan to improve operational performance may not be implemented effectively; AspenTech has identified material weakness in its internal controls with respect to software license revenue recognition, that, if not remedied effectively, could result in material misstatements; 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 the cyclical chemicals, petrochemicals and petroleum industries; AspenTech's ability to raise additional capital as required; AspenTech's ability to retire its 5.25% convertible debentures; intense competition; AspenTech's need to develop and market products successfully; reliance on relationships with strategic partners; 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 the 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.
Aspen Technology, Inc.
Robin Swanger, 218-504-3256
Aspen Technology, Inc.
Joshua Young, 617-949-1274