TP Group PLC AI system contract in the UAE energy sector (7145Q)
23 Giugno 2020 - 08:00AM
UK Regulatory
TIDMTPG
RNS Number : 7145Q
TP Group PLC
23 June 2020
23 June 2020
TP Group plc
("TP Group", "the "Company" or the "Group")
Artificial Intelligence system contract in the United Arab
Emirates energy sector
TP Group (AIM: TPG), the provider of mission-critical solutions
for a more secure world, is pleased to announce that it has signed
an initial contract worth GBP0.3m with Gulf Data International Co
LLC ("gDi"), an IT solutions provider and systems integrator based
in Abu Dhabi.
The contract will see TP Group work in partnership with gDi to
develop Artificial Intelligence ("AI") tools for use in the oil and
gas industry in the United Arab Emirates ("UAE"), and to deliver an
optimised production modelling and management solution to a major
oil and gas company, also in the UAE.
The proof of concept project will develop a digital model of a
selection of specific oil production assets and will be structured
around the Optimiser system, which is part of TP Group's existing
software suite of AI, machine learning and decision support tools.
This first system, and the related decision support algorithms,
will be utilised by engineers to develop optimised strategies for
production and maintenance management across a range of on-shore
production assets.
The initial development will be for six months and will produce
an operational solution with the potential to expand to a
significantly wider community and other assets. This work will be
undertaken by both the TP Group Digital Solutions team based at
Fareham in Hampshire and gDi's team in Abu Dhabi, UAE.
Phil Cartmell, Chief Executive Officer of TP Group,
commented:
"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.
"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."
For further information, please contact:
TP Group plc Tel: 01753 285 810
Phil Cartmell, Chief Executive Officer
Derren Stroud, Chief Financial Officer
www.tpgroup.uk.com
Cenkos Securities plc Tel: 020 7397 8980
Stephen Keys / Mark Connelly / Callum
Davidson
www.cenkos.com
Vigo Communications Tel: 020 7390 0230
Jeremy Garcia / Charlie Neish
www.vigocomms.com
Notes to Editors
TP Group delivers complex equipment, software and services for
mission, business and safety critical applications in defence,
space, intelligence & security and energy sectors. With more
than 400 people in 6 European countries, it serves global customers
through long-term contracts. The Group's shares have been traded on
AIM since July 2001.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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