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TP Group PLC - AI system contract in the UAE energy sector

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 £0.3m 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 Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 6.95

Market: AIM
Market Cap: £54.15 m
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