Aker ASA: Cognite and Aramco sign joint venture agreement

OSLO, Norway, Dec. 21, 2020 /PRNewswire/ -- Cognite AS ("Cognite"), a global industrial software company and majority-owned subsidiary of Aker ASA ("Aker"), today announced it has signed a joint venture ("JV") agreement with Saudi Aramco Development Company, a subsidiary of The Saudi Arabian Oil Company, as part of the two companies' strategic partnership on industrial digitalization and sustainability initiatives.

The JV is one of the initiatives in the previously signed Memorandum of Understanding (MoU) and will establish a new company to focus on digitalization across industries in the Kingdom of Saudi Arabia and in the region. Aramco and Cognite intend to have the JV established and running by 2021 following all required regulatory clearances and will hold 51 per cent and 49 per cent ownership, respectively.

"We are pleased to see the partnership concretize in ways that will allow Aramco and Cognite to take new steps to work together towards sustainable energy innovation and digital transformation of industries," said Øyvind Eriksen, President and CEO of Aker ASA and Chairman of Cognite's Board of Directors.  The JV will use Cognite's flagship data platform, Cognite Data Fusion, as its core technology. Cognite is already supporting Aramco's Digital Transformation Program by deploying CDF on Aramco's industrial assets in the Kingdom. CDF will provide Aramco with instant access to live and historical contextualized data across both operational technology (OT) and IT systems, and enable the company's Digital Transformation Program to scale. Cognite's initial focus has been to help Aramco advance analytics and AI projects coupled with digital twin solutions.

"We are committed to making our strategic partnership with the world's largest integrated oil and gas company a resounding success. We believe Aramco's deep operational expertise, combined with Cognite's track record of developing and deploying industrial software for digital frontrunners, will be a powerful catalyst for the commercial success of the joint venture and the advancement of digital transformation across heavy-asset industries," said Eriksen. 

The completion of the agreement is subject to customary closing conditions, including required antitrust filings.

For more information, please contact:

Atle Kigen, Head of Corporate Communications, Aker ASA
Tel: +47 90784878
Email: atle.kigen@akerasa.com

Christina Chappell Glenn, Head of Investor Relations, Aker ASA
Tel: +47 90532774
Email: christina.glenn@akerasa.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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