Industry leading technology will maximize the potential of oil and gas
assets worldwide and significantly reduce operational risk
ABERDEEN, Scotland, May 30, 2013 /CNW/ - Petrotechnics, the global
leader of software solutions to improve frontline operational
performance and risk management in hazardous industries, today
announces the completion of £6 million investment from Business Growth
The investment will help fuel the next stage in the company's aggressive
global growth strategy in new geographies, new talent acquisition and
ongoing innovation, including the continued global roll out of its
enterprise operational performance and predictive risk software
Based in Aberdeen and with offices in Houston, Saudi Arabia and
Singapore, Petrotechnics was founded in 1990 and since then has
pioneered proven solutions and successfully helped organizations in
hazardous industries increase operational performance and improve risk
management in the riskiest part of their operations.
Petrotechnics' software solutions are used on a daily basis by more than
50,000 personnel from some of the biggest businesses in the oil and gas
industry, including the three largest independent Oil & Gas Companies.
Petrotechnics software is used in frontline operations to help manage
operations safely and efficiently across 385 sites on 6 continents
including 80% of North Sea and 40% of Gulf of Mexico assets.
Petrotechnics' leading enterprise software platform, Proscient provides
an easier and more dynamic approach for senior management to
proactively manage the organization to optimize performance reduce
risk. Proscient manages the execution of frontline work safely and
efficiently to help companies maintain asset integrity, workforce
safety and the achievement of production targets.
Unlike the older generation of inflexible and static tools such as paper
based Permit to Work and Electronic Permit to Work/ISSoW systems,
Proscient provides an organization with the capabilities to
consistently manage workload against risk according to policies across
the organization whether it's one plant or a global enterprise.
Proscient is designed from the ground up as a robust and flexible off
the shelf enterprise application enabling streamlined deployment and
ease of use. It delivers hard ROI within months, specifically with a
reduction in the number and length of unplanned shutdowns, a decrease
in permit and contractor wait times, significant improvements in plan
accuracy and plan attainment and most importantly with a positive
change in the strength of the organization's 'at the plant face' safety
culture. As an enterprise platform Proscient provides further business
value through its integration with other leading enterprise systems
used by hazardous industries including IBM Maximo, SAP, Oracle
Primavera and Microsoft Project.
It also leverages strategic big data to drive continuous improvement of
operational performance. With data on every aspect of work that has
occurred and more importantly with what is to come across frontline
operations, senior management can use Proscient's integrated actionable
analytics for the insight and enhanced decision making to move the
organization from reactive to proactive management. This consistent
generation of data provides the capability to generate role specific
metrics that are informative, actionable and improve decision making
from the frontline to the boardroom.
"We firmly believe that with BGF's guidance and contributions we can
truly take our organisation to the next level of growth," said Phil
Murray, CEO Petrotechnics. "We believe there is great potential for
oil and gas operators worldwide to significantly improve their
operational performance and enhance how they manage operational risk.
A system such as Proscient empowers all levels of management to
proactively achieve operational excellence."
Mike Sibson, BGF Investment Director commented, "Our investment in Petrotechnics is a very exciting opportunity for BGF.
Petrotechnics has demonstrated its ability to deliver complex software
solutions to major oil and gas companies throughout the world. There is
an increased priority on the management of operational risk and safety
in hazardous industries, with several major incidents over the last decade demonstrating the
potential consequences of poor control of work.
"The company's large installed base, the new software product Proscient,
and the excellent reputation of Petrotechnics is an exciting
combination. The investment is a great fit for BGF, which was
established to invest growth capital in the UK's ambitious SMEs. We are
also delighted to be backing Phil and the team, who are genuine experts
in their field, and who have built the business with no external
funding over the last twenty years."
BGF was established to provide growth capital to the UK's ambitious and
growing small and medium sized businesses. Petrotechnics represents its
fifth investment in the oil and gas sector and brings the total
invested by BGF in Scottish SMEs to date to £30m.
Prior to founding Petrotechnics, CEO Phil Murray worked internationally
for BP for 10 years in a variety of technical, operational and
managerial roles. The business has won a number of industry awards from
organisations including the Energy Institute and the Institution of
Chemical Engineers, is regularly selected by the Society of Petroleum
Engineers to present conference papers.
Petrotechnics provides scalable enterprise software solutions and domain
based consulting services that empower organisations in hazardous
industries from the boardroom to the frontline to proactively manage
the organisation to a less risky and more optimised performance.
Organisations can standardise their approaches, improve how work is
executed on a day to day basis and ensure frontline work processes can
be intelligently integrated, embedded, automated and managed, and that
the strategic intent of policies is delivered into operational
As work is being carried out according to policy, contextual data and
role specific metrics are automatically captured as part of routine
processes, providing meaningful insight and unparalleled operational
intelligence. This empowers structured decision making, improving
competencies and capabilities to proactively balance workload against
risk and enhance overall performance. For the first time, operational
leaders can start to understand and proactively manage the relationship
between performance and risk, and drive continuous improvements across
Over the last 12 years, Petrotechnics has pioneered; proven and
successfully helped organizations in hazardous industries increase
operational performance and improve risk management in the riskiest
part of their operations. More than 50,000 people at 385 sites in 22
countries in hazardous industries currently use Petrotechnics solutions
on a 24x7 basis. Petrotechnics is based in Aberdeen, UK and offices in
Houston, Saudi Arabia, and Singapore. http://www.petrotechnics.com
About Business Growth Fund
Business Growth Fund has been established to help Britain's growing
smaller and medium sized businesses. Growth potential is the key
criteria. BGF will invest between £2m and £10m per business in return
for a minority equity stake and a seat on the board for a BGF director.
BGF will provide long-term equity investment for those growing
companies that today do not have access to this source of capital. As
such BGF hopes to be a catalyst for growth among smaller UK companies.
BGF is an independent company with capital of up to £2.5 billion, backed
by five of the UK's main banking groups - Barclays, HSBC, Lloyds, RBS,
and Standard Chartered. BGF is managed completely autonomously with an
independent management team.
BGF is one of a range of initiatives designed to forge a new
relationship between the banking sector and UK businesses, and BGF
works in close collaboration with the British Bankers' Association as
well as other key business organisations across the UK. http://www.businessgrowthfund.co.uk
For further information:
Contact: + 44-(0)1224 -337200
Kim Lam, Kim.Lam@petrotechnics.com , P +44-(0)1224-337200, D +44-(0)1224-337243