Oslo-headquartered Kongsberg Digital has become a majority shareholder in FutureOn, a company that provides cloud-based digital tools and collaborative working environments to energy producers
The energy asset lifecycle, subsea life-of-field services and project delivery are supported through the software and geospatially accurate data visualisation.
Other minority stakeholders in FutureOn include New York-listed Bentley Systems and FutureOn’s management.
Kongsberg Digital chief executive Shane McArdle expects this investment to strengthen its position as a leading industrial software-as-a-service company, providing support for energy production assets from planning to decommissioning.
“This is a fantastic milestone and strategically important step in the Kongsberg Digital and FutureOn partnership,” said Mr McArdle.
“FutureOn is a frontrunner in developing technology towards the early phase of an asset lifecycle, making its technology a perfect fit for our industrial work surface.”
Since it was founded in 2016, FutureOn has gained a market position within key industry segments by providing engineers and decision-makers with a collaborative common data platform for energy projects and subsea assets through the life of a field.
“Kongsberg Digital will continue to develop and incorporate new technology to enable end-to-end delivery throughout the lifetime of an asset,” said Mr McArdle.
“This partnership also plays a key role in extending our offering into the renewables market, in carbon capture and storage, and hydrogen.”
FutureOn’s FieldTwin software optimises cost control, resource management and project development.
“We look forward to working together to further strengthen Kongsberg Digital’s ambitions of shaping the future of work,” said FutureOn chief executive Pål Roppen.
Mr McArdle has been a board member of FutureOn since Kongsberg Digital made its first investment in FutureOn in November 2021.
FutureOn has 38 employees located in Oslo, Norway, with a further presence in Houston (US), London (UK), Dubai (UAE), Lyon (France) and Perth (Australia). The company will continue as a stand-alone company.
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