SIS, StormGeo Work Together on Software Solutions (Norway)

Star Information Systems (SIS) announced that it has signed an agreement with StormGeo that will see both companies work together to develop a range of innovative software solutions for the offshore and shipping industries. At the same time StormGeo has taken a 15 percent stake in SIS – with an option to increase this in the future – which will provide SIS with valuable funding as it continues its global expansion activities. Erik Langaker, chairman of StormGeo, also becomes non-executive chairman of SIS.

SIS is among the largest providers of software systems for maintenance, safety management, purchasing and logistics within both shipping and offshore. StormGeo is the world’s leading provider of meteorological decision systems to the offshore industry and is experiencing rapid growth in the more traditional shipping sector.

By integrating their competences to create new software products, both companies believe they will be able to offer operators of ships, rigs and offshore supply vessels unique benefits in terms of safety, performance and cost savings – improving risk management. It is the first time that two companies with these credentials have come together to develop such pioneering products. It is hoped that the first fruits of this new partnership will be available to the market within the next twelve months.

Per Anders Koien, CEO at Star Information Systems, said: “For some time we have been searching for a partner that can help us to both develop our international presence and expand our product portfolio. In StormGeo we found potential synergies in products, technology, organization, customers and geographical locations. With StormGeo as a business partner and shareholder we believe we will manage to develop together game-changing software solutions to our target markets.”

Detailed meteorological information and decision systems already provide the shipping and offshore industries with crucial tools to safeguard people and equipment while operating in harsh conditions. However, SIS and StormGeo believe that his data becomes even more powerful when it is combined with operational data – from engine management to handling events and initiating safety measures.

Koien continued: “We see that our customers are facing new and more demanding requirements for safe operation from the authorities and their own customers. We also see that their activity is increasing in more demanding locations, such as in arctic areas. By combine machinery and operational performance information with weather forecasting we can help our customers to build a safer and more cost-efficient operation.”

Erik Langaker, chairman of StormGeo, stated: “We recognised that there could be an opportunity for StormGeo to integrate other software suppliers’ asset data with our more traditional meteorological forecasting and risk assessment models. Based on this, StormGeo had been studying various companies that were servicing our customers with their own time critical data systems – and our investment in Star Information Systems should be viewed in this perspective.”

He continued: “The ultimate goal of our new relationship with SIS is to provide customers with an optimum decision platform for safe journeys and minimum fuel consumption. We hope to be able to take ‘optimal voyage planning’ to a new and more sophisticated level – both on an individual vessel basis, as well as for large fleets servicing offshore and shipping segments.”

Star Information Systems has experienced a strong growth over the last 10 years as its systems have been implemented in many of the major shipping and offshore companies around the world. Its strategy is to continue to grow and to establish new subsidiaries in locations where customers are located. By joining forces with StormGeo, SIS will be able to take advantage of its office locations around the world – particularly Houston and Dubai – to better serve its markets.

For its part, StormGeo will gain access to SIS’ sites and network of agents worldwide. It will also be able to benefit from the SIS customer base of more than 1500 ships, as well as over 150 offshore units operating around the world. Both companies will be able to take advantage of each others’ highly skilled and knowledgeable software engineers who all have a deep insight into the requirements of the shipping and offshore markets.

[mappress]

Press Release, September 13, 2012