First Derivatives secures 'major' oilfields services contract

First Derivatives said on Monday that it has been selected by a "leading" global oilfield services company for the use of its Kx technology to provide operational intelligence for their customers' oil and gas field assets.

AIM-listed First Derivatives said the "flexibility and open nature" of the Kx platform will enable new processes and data-intensive analytics to be added as required both in the field and centrally.

"Using Kx technology to deliver big data levels of analytic capability to the edge, where compute resources are limited, will enable the client to increase efficiency," it said.

Chief executive officer Seamus Keating said: "Making decisions at the time and place where action is required can deliver major operational efficiencies. We believe Kx is the only technology capable of delivering this solution, enabling decision-making in real-time on vast volumes of data. As organisations increasingly look to drive action, not just reports from the data they generate, Kx stands out for its high performance and ability to operate at the edge."

First Derivatives is a technology provider with more than 20 years of experience working with finance, technology, automotive, utility, manufacturing and energy institutions.