Matrikon wins US$15.7M contract to build remote oil field monitoring program
for Middle East oil company

Highlights

- Matrikon, through a jointly owned subsidiary, wins a US$15.7M project to build a remote oil field monitoring program for one of the world's largest oil fields

- Matrikon's Well Performance Monitor(TM) integrated technology solution will form the core of the solution.

EDMONTON , Dec. 14 /CNW/ - Matrikon Inc. (TSX:MTK), a leading provider of solutions for industrial intelligence, is pleased to announce the award of a US$15.7 million contract to build a remote monitoring and multidisciplinary collaboration center for one of the world's largest oil fields though a jointly owned subsidiary. The jointly owned subsidiary, in which Matrikon owns a 49% interest, was established to procure and execute business in the region.

The pilot project covers 78 wells and the installation is expected to be completed within 12 months. The collaboration center makes the best use of scarce resources by creating an operations hub where experts from a variety of disciplines can access information, troubleshoot and optimize the oil field, all from a single location. Matrikon's Well Performance Monitor will form the core of the operations center, delivering the information required to drive well performance. Some services, software and equipment for the collaboration center will be delivered by third parties contracting with the jointly owned subsidiary.

"Until now, this oil field has been a highly manual operation," said Ian Brown , vice president EMEA. "In modernizing operations, the national oil company is actually taking a big leap forward and creating a best in class digital field where they will be able to monitor and optimize from their collaboration center. Given the scarcity of expert resources, the digital field facilitates the decision making process, helping the experts to take the right action at the right time to solve problems, take advantage of opportunities and improve well performance."

Following the successful completion of the pilot, the solution may be deployed to several thousand additional wells.

"This win is a significant step forward for Well Performance Monitor," added Brown. "Well Performance Monitor sets the standard for monitoring and driving oil field performance for both land-based and off-shore assets."

About Matrikon

Matrikon (www.matrikon.com) provides industrial intelligence solutions that transform production data into the knowledge needed to anticipate problems and optimize operations - empowering and sustaining the achievement of operational excellence. With offices throughout North America , Australia , Europe and the Middle East , and clients who are industry leaders in the process industries, power generation and mining, Matrikon's reach is global. Matrikon has been empowering excellence since 1988, and is traded on the Toronto Stock Exchange under the symbol MTK.

For further information: Investor/Media Information, Nicole Sayler, [phone], [email protected]