Tieto signs deal to acquire Norwegian oil and gas software solutions firm

Tieto has signed an agreement to acquire Norwegian oil and gas software solutions provider Petrostreamz, in an effort to bolster its position in the upstream business of the oil and gas industry.

Petrostreamz offers advanced software and services for integrated asset modelling (IAM) onshore and offshore.

The proposed acquisition is expected to enable Tieto to enhance its portfolio of advanced solutions and capabilities, as well as add Pipe-It to its offering.

The deal comes at a time when the company intends to increase the value from data held in its energy components (EC).

Tieto Oil & Gas vice-president Kaare Lunde said: “This acquisition is a catalyst to our journey in becoming the leading supplier of hydrocarbon management solutions, and will create significant added value for our existing customers within the oil and gas sector.

“Our ambition is to drive a compelling value proposition to customers in the industry, support their business renewal initiatives and create competitive advantages for them.”

Through the acquisition, the company is set to enter the IAM domain.

The combination of Pipe-It and EC will provide support for optimisation, forecasting and decision making, thereby giving Tieto the ability to offer integrated hydrocarbon management (HCM) solutions based on the data already available in EC.

Tieto is focused on helping businesses stay competitive by striking a balance between productivity and cost effectiveness.

Aside from software services, Tieto Oil & Gas offers solutions for personnel logistics for both oil and gas regional hubs and individual firms.