CAMBRIDGE, MA—February 5, 2003—Aspen Technology, Inc. (Nasdaq: AZPN)
today announced a five-year license agreement extending BP's use of the Aspen
Engineering Suite™ (AES) for process simulation, design and performance
optimization, creating a technology standard across BP's global upstream, refining,
petrochemical and chemical businesses. For BP, this new agreement brings together
AspenTech's process modeling technology, a cornerstone for simulation within BP's
chemical business, with the recently acquired technologies from Hyprotech, which
have been used extensively by BP's oil & gas and refining businesses for
nearly a decade.
By increasing its access to AspenTech’s engineering tools, BP will have
greater flexibility in using these technologies to execute major projects across
the different business units. This increased flexibility will reduce internal
development and engineering efforts and enable BP to capture significant economic
benefits through increased efficiency of its projects.
“BP is a long-term user of both AspenTech and Hyprotech technologies,
and this agreement enables us to consolidate on a single engineering solution,”
said Gordon Hutchinson, Group Engineering Manager at BP. "AspenTech’s
plan to integrate the two technology families will build on the existing range
of capabilities, and help BP sustain the highest levels of efficiency in its
engineering and manufacturing operations in ways that were not available before."
“With the addition of Hyprotech’s products, the Aspen Engineering
Suite is now able to provide major process manufacturers with increased value
from a set of engineering solutions that enables model-based decision making
across upstream, refining and chemicals,” said David McQuillin, President
and CEO of AspenTech. "This agreement extends our long partnership
with BP, and reflects the company’s commitment to maximizing returns from
capital-intensive assets throughout its organization."
The Aspen Engineering Suite of solutions for process asset lifecycle management
integrates best-in-class engineering technologies with the effective re-use
of process knowledge using a consistent asset model throughout the enterprise.
Under the new agreement, BP will have access to several additional features
of AES, such as Aspen Icarus® technology for economic evaluation, permitting
the company to assess the economic viability of alternative process designs
prior to capital commitment.
In a separate agreement, BP made a significant commitment to deploy AspenTech’s
advanced process control technologies in its plants and refineries, including
the company’s innovative new Aspen SmartStep™ solution. Previously
deployed at BP in several pilot projects, this patent-pending technology enables
the partial automation of process unit step testing and is the only proven algorithm
to sustain value from advanced process control (APC) applications on the market
The Aspen Engineering Suite and AspenTech’s process control technologies
are both essential elements of AspenTech’s solutions for Enterprise Operations
Management in the process industries. These are integrated, enterprise-wide
solutions that combine engineering and manufacturing/supply chain technologies
to help companies optimize the way they engineer and run their manufacturing
and supply chain operations.
BP p.l.c. is the holding company of one of the world's largest petroleum and
petrochemicals groups whose main activities are exploration and production of
crude oil and natural gas; refining, marketing, supply and transportation; and
manufacturing and marketing of petrochemicals. BP has a growing activity in
gas and power and in solar power generation. It has well-established operations
in Europe, North and South America, Australasia and Africa.
Aspen Technology, Inc. is a leading supplier of enterprise software to the process
industries, enabling its customers to increase their margins and optimize their
business performance. AspenTech's engineering solutions, including Hyprotech's
technologies, help companies design and improve their plants and processes,
maximizing returns throughout their operational life. AspenTech's manufacturing/supply
chain solutions allow companies to run their plants and supply chains more profitably,
from customer demand through to the delivery of the finished products. Over
1,200 leading companies rely on AspenTech's software every day to drive improvements
across their most important engineering and operational processes. AspenTech's
customers include: Air Liquide, Aventis, Bayer, BASF, BP, ChevronTexaco, Dow
Chemical, DuPont, ExxonMobil, GlaxoSmithKline, Lyondell Equistar, Merck, Mitsubishi
Chemical, Shell, Southern Company, TXU Energy and Unilever. For more information,
Certain paragraphs of this press release contain forward-looking statements
for purposes of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. For this purpose, any statement using the term "will,"
"should," "could," "anticipates,"
"believes" or a comparable term is a forward-looking statement.
Actual results may vary significantly from AspenTech's expectations based on
a number of risks and uncertainties, including: AspenTech's lengthy sales cycle
which makes it difficult to predict quarterly operating results; fluctuations
in AspenTech's quarterly operating results; AspenTech's dependence on customers
in the cyclical chemicals, petrochemicals and petroleum industries; AspenTech's
need to hire additional qualified personnel and its dependence on key current
employees; intense competition; AspenTech's dependence on systems integrators
and other strategic partners; changes in the market for e-business solutions
for AspenTech’s customers; increased governmental regulation and taxation
of e-commerce and the Internet; information security and privacy concerns relating
to e-commerce; and other risk factors described from time to time in AspenTech's
periodic reports and registration statements filed with the Securities and Exchange
Commission. AspenTech cannot guarantee any future results, levels of activity,
performance, or achievements. Moreover, neither AspenTech nor anyone else assumes
responsibility for the accuracy and completeness of any forward-looking statements.
AspenTech undertakes no obligation to update any of the forward-looking statements
after the date of this press release.
AspenTech, Aspen Engineering Suite, Aspen Icarus, Aspen SmartStep and the aspen
leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
For Media: For Investors:
Aspen Technology, Inc.
+44 1223 819-752
firstname.lastname@example.org Joshua Young
Aspen Technology, Inc.