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TP Group signs £0.3m development deal with Gulf Data International
23rd Jun 2020 11:52
(Sharecast News) - Technology company TP Group has signed an initial contract worth £0.3m with Gulf Data International (gDi), an Abu Dhabi-based IT solutions provider and systems integrator, it announced on Tuesday.
The AIM-traded firm said that under the contract, it would work in with gDi to develop artificial intelligence (AI) tools for use in the oil and gas industry in the United Arab Emirates, and to deliver an "optimised production modelling and management solution" to a major oil and gas company, also in the UAE.
It said the proof-of-concept project would develop a digital model of a selection of specific oil production assets, and would be structured around the 'Optimiser' system, which is part of TP Group's existing software suite of AI, machine learning and decision support tools.
The first system, and the related decision support algorithms, would be used by engineers to develop "optimised strategies" for production and maintenance management across a range of on-shore production assets.
TP Group said the initial development would take place over six months, and would produce an operational solution with the potential to expand to a "significantly wider" community and other assets.
The work would be undertaken by both the TP Group digital solutions team based at Fareham in Hampshire, and gDi's team in Abu Dhabi.
"This is a real breakthrough for our digital solutions team and rewards the hard work and commitment of that team to develop innovative solutions for our global customer base across multiple industrial sectors, building upon our AI pedigree and opening up a wide range of opportunities," said chief executive officer Phil Cartmell.
"It also marks the first commercial business with our first industry solutions partner, and we look forward to working with gDi in the future to build upon this contract and generate further business in the oil and gas sector."
At 1127 BST, shares in TP Group were up 10.39% at 8.5p.
The AIM-traded firm said that under the contract, it would work in with gDi to develop artificial intelligence (AI) tools for use in the oil and gas industry in the United Arab Emirates, and to deliver an "optimised production modelling and management solution" to a major oil and gas company, also in the UAE.
It said the proof-of-concept project would develop a digital model of a selection of specific oil production assets, and would be structured around the 'Optimiser' system, which is part of TP Group's existing software suite of AI, machine learning and decision support tools.
The first system, and the related decision support algorithms, would be used by engineers to develop "optimised strategies" for production and maintenance management across a range of on-shore production assets.
TP Group said the initial development would take place over six months, and would produce an operational solution with the potential to expand to a "significantly wider" community and other assets.
The work would be undertaken by both the TP Group digital solutions team based at Fareham in Hampshire, and gDi's team in Abu Dhabi.
"This is a real breakthrough for our digital solutions team and rewards the hard work and commitment of that team to develop innovative solutions for our global customer base across multiple industrial sectors, building upon our AI pedigree and opening up a wide range of opportunities," said chief executive officer Phil Cartmell.
"It also marks the first commercial business with our first industry solutions partner, and we look forward to working with gDi in the future to build upon this contract and generate further business in the oil and gas sector."
At 1127 BST, shares in TP Group were up 10.39% at 8.5p.