Roxar Signs Cooperation Agreement with Yggdrasil
Roxar goes beyond reservoir simulation and includes the entire production system
Stavanger, Norway, September 11, 2008 – Roxar ASA (Oslo Børs: ROX) announced today that it has signed an agreement with Yggdrasil AS to carry out joint activities on selected flow assurance and production optimization projects. Roxar can at a later stage exercise a full buyout of Yggdrasil's technology portfolio.
The agreement makes Yggdrasil’s extensive portfolio of flow assurance and production optimization software available to Roxar. Access to Yggdrasil’s extensive portfolio of flow assurance and optimizaton software will significantly strengthen Roxar's position as a world leading supplier of information/decision support systems to the oil and gas industry.
Integrated Production Operations
Roxar today has a strong product offering for field appraisal and production strategy through its reservoir modeling and simulation software. The Yggdrasil technology will extend our capabilities to deliver products and services through early phase field development with seamless transition to e-field solutions for the production phase. Through this solution, Roxar will further strengthen its position as a world leading content provider for Integrated Production Operations. The combined solution will enable operators to make informed and optimized decisions based on a simulated outcome before performing an actual operation.
“This agreement is part of a long term strategy, reflecting our future view. In many industries we see extended use of simulation and prediction methods, before an actual and physical action is taken. The oil industry is certainly one where prediction of likely outcome and uncertainties have been widely used. The Yggdrasil agreement simply means that Roxar goes beyond reservoir simulation and includes the dynamic response of the entire production system to its prediction and uncertainty models” says Roxar CEO Gunnar Hviding.
About Roxar and Yggdrasil
Yggdrasil AS is a production management / optimization company with an in-house developed software portfolio. Yggdrasil technology has been used extensively for both operating fields and field developments, including Shtokman and Ormen Lange.
Roxar ASA is an international technology solutions provider to the upstream oil and gas industry. The company creates value for its customers with innovative and professionally delivered solutions that increase performance from oil and gas reservoirs and allow the operator to make better decisions with the maximum amount of information.
For Further Information:
Hege Forus, IR Manager, Roxar
Phone: +47 99241109
Email: hege.forus@roxar.com
Gudbrand Nerby, Managing Director Yggdrasil AS
Phone: + 47 95887286