5th Jul 2016 17:32
LONDON (Alliance News) - John Wood Group PLC Tuesday said it has signed an exclusive partnership agreement with Librestream Technologies to provide services that will allow the oil and gas industry to meet its "cost challenges faster and with greater certainty".
Librestream is a Canadian company offering a variety of video collaboration products that are used within the manufacturing, energy and public sector industries, and Wood Group plans to assist in expanding the technology into the oil and gas sector.
The products are based on Librestream's OnSight platform that connects individuals to operations in other locations, allowing them to interact with the wider business or project, especially within remote locations such as offshore platforms.
The pair now plan to combine Wood Group's "in depth, hands on industry knowledge" and Librestream's platform to provide services for "operations, maintenance and integrity challenges in the oil and gas sector".
Wood Group and Librestream will also co-develop a number of "discrete" new technologies designed to reduce the time for problem solving, allowing for actions to be implemented at a faster rate, thereby increasing productivity at remote sites both onshore and offshore.
"Delivering improved efficiency, effectiveness and value in the technical solutions we deliver to our clients, is at the heart of our innovation agenda. We believe that significant streamlining of many traditional duration-based activities through the application of smart technology such as this can be a game-changer for the industry," said Steve Wayman, head of strategy and development at Wood Group.
"We have been working with Librestream for some time to test prototype digital devices in real-life operational situations and under this agreement we will leverage their existing pioneering technologies and explore new development opportunities that will grow our combined offering; further enabling Wood Group to solve life cycle cost challenges faster and with greater certainty," he added.
Wood Group shares closed down 1.5% to 673.11 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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