Tech Together
New JV looks to accelerate industrial digitalization
The new company will distribute advanced solutions across sectors in MENA region.
Saudi Aramco Development Company, a subsidiary of Aramco, and Cognite AS (Cognite) have signed an agreement to establish a joint venture (JV) as part of their strategic digitalization partnership.
Aramco and Cognite will establish a new company that will focus on digitalization in Saudi Arabia and the broader Middle East and North Africa region. The JV will develop, distribute, and deploy end-to-end digital and advanced solutions for customers across industries, including oil and gas, power and utilities, manufacturing and shipping.
The solutions will enable the digital transformation of companies through production and yield optimization, predictive maintenance, workforce digitalization, advanced safety measures and a reduced environmental footprint of industrial operations.
The JV will leverage Cognite's flagship industrial data platform, Cognite Data Fusion, as its core technology and will harness state-of-the-art cloud capabilities for data hosting, analytics and artificial intelligence.
Aramco and Cognite expect the JV to be operational in 2021, following receipt of all required regulatory clearances.
"The JV with Cognite aims to create advanced end-to-end digital software solutions in Saudi Arabia, which will maximize local content, contribute to GDP growth, create new jobs, accelerate digital talent development and sustain Aramcoís resilience," said Al Sa'adi.
Oyvind Eriksen, president and CEO of Aker ASA and chairman of Cognite's Board of Directors said: "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."
Aramco and Cognite will establish a new company that will focus on digitalization in Saudi Arabia and the broader Middle East and North Africa region. The JV will develop, distribute, and deploy end-to-end digital and advanced solutions for customers across industries, including oil and gas, power and utilities, manufacturing and shipping.
The solutions will enable the digital transformation of companies through production and yield optimization, predictive maintenance, workforce digitalization, advanced safety measures and a reduced environmental footprint of industrial operations.
The JV will leverage Cognite's flagship industrial data platform, Cognite Data Fusion, as its core technology and will harness state-of-the-art cloud capabilities for data hosting, analytics and artificial intelligence.
Aramco and Cognite expect the JV to be operational in 2021, following receipt of all required regulatory clearances.
Aramco has pursued an ambitious Digital Transformation Program with the goal of transforming the company into the world's leading digitalized energy corporation, maximizing value for shareholders and spearheading digital innovation in the energy sector globally.
— Ahmad A. Al Sa'adi, Aramco senior vice president of Technical Services
"The JV with Cognite aims to create advanced end-to-end digital software solutions in Saudi Arabia, which will maximize local content, contribute to GDP growth, create new jobs, accelerate digital talent development and sustain Aramcoís resilience," said Al Sa'adi.
Oyvind Eriksen, president and CEO of Aker ASA and chairman of Cognite's Board of Directors said: "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."