Roxar has signed an LOI for a four-year global software contract for the full suite of its reservoir modeling solution, IRAP RMST, with StatoilHydro.
The contract, valued at approximately US$ 6 million (NOK 30 million) per annum, is one of the largest ever contracts for Roxar`s software division.
Roxar has previously held software agreements both with Statoil and Hydro, and the new, combined contract represents an increase of sales value of about 10%.
“This agreement will allow StatoilHydro`s geologists, geophysicists, reservoir engineers and drilling engineers` unlimited global access to IRAP RMST, widely recognized as the leading 3D software application for reservoir characterization in the exploration and production (E&P) industry today,” Roxar said in a statement to the Oslo Stock Exchange.
“The result for StatoilHydro will be higher quality and faster modelling, better decision-making, maximizing reservoir performance, and lowering the risk and uncertainty in exploration and production, with asset teams able to develop integrated well planning, drilling and production strategies in locations offering the best financial return,” it added.