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Saudi Aramco and AKER ASA collaboration on 4th industrial revolution addressing sustainability and green environment

29.10 2019 16:17

Saudi Aramco further strengthens its role in sustainable energy innovation and technology adoption through a collaboration with AKER ASA.

RIYADH/OSLO, 29 October 2019 – Saudi Aramco and AKER ASA (“Aker”) today announced the signing of a Memorandum of Understanding (MoU) to develop synergies on industrial digitalization and sustainability initiatives. The non-binding MoU has an emphasis on sustainability and green solutions, with a strong focus on enabling the digital transformation of industrial companies in the Kingdom of Saudi Arabia.

Together, Saudi Aramco and Aker will explore and define efforts around topics such as the development and deployment of emerging digital transformational technologies, as well as sustainability and research initiatives tied to the ocean.

To enable opportunities for digital transformation in the Kingdom of Saudi Arabia, Saudi Aramco and Aker are exploring ways to work together and possibly establishing a joint venture with Cognite AS (“Cognite”), a premier industrial software company and majority-owned subsidiary of Aker. The joint venture will couple Saudi Aramco’s expertise and culture of innovation with Cognite’s experience in developing and deploying cutting-edge industrial go-to-market software applications, including Cognite Data Fusion (CDF), a software package that accelerates the use of artificial intelligence and advanced analytics for industry.

“We are pleased to announce this strategic partnership with Saudi Aramco and look forward to exploring a broad collaboration to address both industrial digitalization and sustainability – two complementary areas that are fully aligned with our long-term strategic focus,” said Øyvind Eriksen, President & CEO of Aker ASA.

Saudi Aramco is also looking at ways to improve synergies with the Center for the Fourth Industrial Revolution (C4IR) for Ocean. The center, jointly launched by Aker and the World Economic Forum (WEF) and to be headquartered in Norway, is dedicated to harnessing technological advances to preserve the ocean and improve the environmental footprint of ocean industries.

The parties will also explore the possibility of establishing joint industrial software and artificial intelligence research centers to strengthen the collaboration between academia and institutions in Saudi Arabia and Norway. These centers are also intended to function as knowledge hubs for industry.

Forward Looking Statements
This press release contains certain forward-looking statements, including with respect to the joint efforts, our ability to develop and deploy technologies, establishment of a joint venture, the effectiveness of these technologies and the impact they could have on our business, our ability to scale these technologies, our ability to improve synergies, the effect these technologies could have on the environment, and our ability to collaborate with academia and other institutions. These statements rely on certain assumptions and estimates, and although we believe these assumptions and estimates are reasonable, the assumptions or statements may prove inaccurate and should not be relied on in making an investment decision. The parties undertake no obligation to update any forward-looking statements in this press release, and readers are encouraged to review the parties’ risk factors disclosed in their respective public filings.

About Aker ASA
Aker ASA ( www.akerasa.com ) is an industrial company with holdings in a range of industrial companies in the oil & gas industry, including Aker BP and Aker Solutions, as well as also being a majority shareholder of Cognite.

About Cognite AS
Cognite AS ( www.cognite.com ) is a premier provider of industrial software with a particular focus on the oil & gas industry, and other heavy asset industries.