Page 13 - MEOG Week 16 2021

MEOG NEWS IN BRIEF MEOG

March 2021. in the Saudi Aramco procurement processes,” press statement.
“The three wells were tested steadily over explained Hani Sagr, Area Vice President for Seeq has a set of applications which
a week at rates of 20,000 barrels of oil per Welltec Middle East. allow engineers and scientists in process
day in March 2021 and the production rate “It provides the best possible foundation manufacturing organizations to rapidly
has since then been optimized in accordance for the provision of our technology and analyze, predict, collaborate, and share
with the reservoir management plan, aimed at services to Saudi Aramco, enabling us to insight. The company operates across oil
maximizing recovery from the Yumna Field,” continue growing our partnership as well as and gas, pharmaceutical, chemical, energy,
Masirah Oil said. our overall presence in the region.” mining, food and beverage, and other process
The company holds a 100 percent interest “The qualification process included a industries.
in Block 50 Oman and is the operator. number of site visits, inspections and audits, “We are pleased to close our Series C
AOG with full and detailed reports covering the funding efforts with the support of Insight
entire Welltec organization with particular Partners to scale our business and enable
focus on our manufacturing process,” added manufacturing organizations to make data-
SERVICES Sagr, before going on to explain that it was driven decisions,” said Steve Sliwa, CEO
December 2018 when proceedings began in and co-founder of Seeq. “By leveraging
Welltec signs Long-Form earnest. big data, machine learning, and computer
“This is not only an excellent recognition
science innovations, Seeq is enabling a new
contract with Aramco of the great teamwork between Welltec and generation of software-led insights.”
Aramco, it also highlights our commitment
“Seeq has established themselves as the
Welltec announced this week the agreement to the IKTVA program geared towards in- leader in process manufacturing and IIoT
of a Long-Form Contract (LFC) with Saudi Kingdom value creation”. analytics, and we believe they will continue to
Aramco. Following an extensive approval The combination of this award and transform the way companies find and share
process, the deal will see Welltec deliver the continued expansion of in-house insights and make faster decisions,” says Matt
Completion products and services across the manufacturing at a local level serves as Koran, Vice President at Insight Partners.
Saudi Aramco portfolio in any environment. an excellent platform for the future and “The company has achieved incredible growth
“Welltec began installing WAB metal continued growth in neighbouring countries. to date, and we are excited to partner with
expandable packers for Saudi Aramco in 2014 WELLTEC them to help execute their vision for a new
as part of a technology trial, and the award generation of machine-learning enabled
of a long-form contract demonstrates how Aramco part of $50mn analytics.”
far we’ve progressed since then,” said Kevin Seeq’s applications for analyzing and
Wood, Well Completions Sales Director for funding round for analytics sharing insights on process manufacturing
Welltec Middle East. data include Workbench for easy to use
Wood continued to add, “Confirmation company advanced analytics, Organizer for publishing
of this award represents a major step in our reports and dashboards, Data Lab for
partnership with Saudi Aramco which also Saudi Aramco’s investment unit, Saudi accessing Python libraries, and Cortex for IT
enables us to continue along the path of Aramco Energy Ventures, was part of a governance, data connectivity, and calculation
exemplary service quality in the execution $50 million Series C funding round for US features.
of completions. With more products being manufacturing and Industrial Internet of Seeq was recognized in 2020 by Inc.
qualified through Saudi Aramco this year, Things (IIoT) analytics software firm Seeq. Magazine as #261 on their 2020 list of the
and the addition of an in-country Welltec The company has raised a total of $115 Fastest Growing Companies, #76 on Deloitte’s
manufacturing facility, it’s greatly appreciated million to date. Technology Fast 500™, and chosen as a Red
that Welltec have been recognized through The funding round was led by venture Herring Top 100 North American winner.
this award.” capital and private equity firm Insight Seeq also connects to an extensive set of
The approval procedure for this agreement Partners, and also included Altira Group, automation vendor data storage platforms
has been extensive and thorough, and such Chevron Technology Ventures, Cisco for on premise engagements including
a high standard of qualification brings with Investments, and Second Avenue Partners. OSIsoft, Siemens, GE, Honeywell, Emerson
it the benefit of an expedited process for the This funding will accelerate Seeq’s expansion Automation Solutions, Inductive Automation,
establishment of future agreements between of development, sales, and marketing AVEVA, AspenTech, Yokogawa, and others.
the two companies. resources, and help increase the company’s OGME
“The LFC is the highest level of contract presence in international markets, it said in a

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