Petrotechnics Secures Investment from BGF to Accelerate International Growth
Industry leading technology will maximize the potential of oil and gas assets worldwide and significantly reduce operational risk
ABERDEEN, Scotland, May 30, 2013 /PRNewswire/ –
Petrotechnics, the global leader of software solutions to improve frontline
operational performance and risk management in hazardous industries, today announces the
completion of GBP6 million investment from Business Growth Fund (BGF).
The investment will help fuel the next stage in the company’s aggressive global growth
strategy in new geographies, new talent acquisition and ongoing innovation, including the
continued global roll out of its enterprise operational performance and predictive risk
software platform, Proscient.
Based in Aberdeen and with offices in Houston, Saudi Arabia and Singapore,
Petrotechnics was founded in 1990 and since then has pioneered proven solutions and
successfully helped organizations in hazardous industries increase operational performance
and improve risk management in the riskiest part of their operations.
Petrotechnics’ software solutions are used on a daily basis by more than 50,000
personnel from some of the biggest businesses in the oil and gas industry, including the
three largest independent Oil & Gas Companies. Petrotechnics software is used in frontline
operations to help manage operations safely and efficiently across 385 sites on 6
continents including 80% of North Sea and 40% of Gulf of Mexico assets.
Petrotechnics’ leading enterprise software platform, Proscient provides an easier and
more dynamic approach for senior management to proactively manage the organization to
optimize performance reduce risk. Proscient manages the execution of frontline work safely
and efficiently to help companies maintain asset integrity, workforce safety and the
achievement of production targets.
Unlike the older generation of inflexible and static tools such as paper based Permit
to Work and Electronic Permit to Work/ISSoW systems, Proscient provides an organization
with the capabilities to consistently manage workload against risk according to policies
across the organization whether it’s one plant or a global enterprise.
Proscient is designed from the ground up as a robust and flexible off the shelf
enterprise application enabling streamlined deployment and ease of use. It delivers hard
ROI within months, specifically with a reduction in the number and length of unplanned
shutdowns, a decrease in permit and contractor wait times, significant improvements in
plan accuracy and plan attainment and most importantly with a positive change in the
strength of the organization’s ‘at the plant face’ safety culture. As an enterprise
platform Proscient provides further business value through its integration with other
leading enterprise systems used by hazardous industries including IBM Maximo, SAP, Oracle
Primavera and Microsoft Project.
It also leverages strategic big data to drive continuous improvement of operational
performance. With data on every aspect of work that has occurred and more importantly with
what is to come across frontline operations, senior management can use Proscient’s
integrated actionable analytics for the insight and enhanced decision making to move the
organization from reactive to proactive management. This consistent generation of data
provides the capability to generate role specific metrics that are informative, actionable
and improve decision making from the frontline to the boardroom.
“We firmly believe that with BGF’s guidance and contributions we can truly take our
organisation to the next level of growth,” said Phil Murray, CEO Petrotechnics. “We
believe there is great potential for oil and gas operators worldwide to significantly
improve their operational performance and enhance how they manage operational risk. A
system such as Proscient empowers all levels of management to proactively achieve
Mike Sibson, BGF Investment Director commented, “Our investment in Petrotechnics is a
very exciting opportunity for BGF. Petrotechnics has demonstrated its ability to deliver
complex software solutions to major oil and gas companies throughout the world. There is
an increased priority on the management of operational risk and safety in hazardous
industries, with several major incidents over the last decade demonstrating the potential
consequences of poor control of work.
“The company’s large installed base, the new software product Proscient, and the
excellent reputation of Petrotechnics is an exciting combination. The investment is a
great fit for BGF, which was established to invest growth capital in the UK’s ambitious
SMEs. We are also delighted to be backing Phil and the team, who are genuine experts in
their field, and who have built the business with no external funding over the last twenty
BGF was established to provide growth capital to the UK’s ambitious and growing small
and medium sized businesses. Petrotechnics represents its fifth investment in the oil and
gas sector and brings the total invested by BGF in Scottish SMEs to date to GBP30m.
Prior to founding Petrotechnics, CEO Phil Murray worked internationally for BP for 10
years in a variety of technical, operational and managerial roles. The business has won a
number of industry awards from organisations including the Energy Institute and the
Institution of Chemical Engineers, is regularly selected by the Society of Petroleum
Engineers to present conference papers.
Petrotechnics provides scalable enterprise software solutions and domain based
consulting services that empower organisations in hazardous industries from the boardroom
to the frontline to proactively manage the organisation to a less risky and more optimised
performance. Organisations can standardise their approaches, improve how work is executed
on a day to day basis and ensure frontline work processes can be intelligently integrated,
embedded, automated and managed, and that the strategic intent of policies is delivered
into operational practice.
As work is being carried out according to policy, contextual data and role specific
metrics are automatically captured as part of routine processes, providing meaningful
insight and unparalleled operational intelligence. This empowers structured decision
making, improving competencies and capabilities to proactively balance workload against
risk and enhance overall performance. For the first time, operational leaders can start to
understand and proactively manage the relationship between performance and risk, and drive
continuous improvements across the enterprise.
Over the last 12 years, Petrotechnics has pioneered; proven and successfully helped
organizations in hazardous industries increase operational performance and improve risk
management in the riskiest part of their operations. More than 50,000 people at 385 sites
in 22 countries in hazardous industries currently use Petrotechnics solutions on a 24×7
basis. Petrotechnics is based in Aberdeen, UK and offices in Houston, Saudi Arabia, and
About Business Growth Fund
Business Growth Fund has been established to help Britain’s growing smaller and medium
sized businesses. Growth potential is the key criteria. BGF will invest between GBP2m and
GBP10m per business in return for a minority equity stake and a seat on the board for a
BGF director. BGF will provide long-term equity investment for those growing companies
that today do not have access to this source of capital. As such BGF hopes to be a
catalyst for growth among smaller UK companies.
BGF is an independent company with capital of up to GBP2.5 billion, backed by five of
the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS, and Standard Chartered. BGF is
managed completely autonomously with an independent management team.
BGF is one of a range of initiatives designed to forge a new relationship between the
banking sector and UK businesses, and BGF works in close collaboration with the British
Bankers’ Association as well as other key business organisations across the UK.
Contact: + 44-(0)1224 -337200