AVEVA to Acquire Tribon Solutions AB

Wednesday, April 21, 2004
AVEVA Group, has announced the proposed acquisition of Tribon Solutions AB. Since 1967, AVEVA, formerly known as Cadcentre, has been providing IT solutions and services to the process, power and offshore industries. A recent survey of all CAD designed facilities in the North Sea shows a large proportion of all Crude Oil production in that region is processed by facilities designed with AVEVA Solutions. Similar figures relate to the global power, petrochemical and pulp and paper industries. Marine design, specifically that of hulls and other floating structures, poses specific challenges and practices not seen in plant design or ship outfitting -- sectors in which AVEVA already has established strength. The acquisition of Tribon and the compatibility of the two technologies will therefore offer, what the directors believe to be, a complete proposition for the global shipbuilding and marine design industries. Tribon was formed after a purchase by the Sixth National Swedish Pension Fund of established design technology including that of British Maritime Technology, from Kockums Shipyard. Lloyd's Register 'Fairplay', quotes the company as having a majority share in the sectors of carriers, tankers and container ships and a client base of more than 74% of the world's top 50 shipbuilders. Commenting on the proposed acquisition, Richard King, AVEVA's Chairman, stated: "The Tribon acquisition will extend our business into the adjacent and complementary sector of shipbuilding. Tribon is the leading provider of engineering IT solutions to the shipbuilding sector, which is currently growing strongly, especially in the Far East. The directors believe that the enlarged group will be able to offer the market a range of engineering IT products and services which will be unrivalled." Commissioned reports from the European Communities and other worldwide authorities have shown solid growth in the shipbuilding industry, particularly floating production systems and other vessels associated with industry, cargo, oil and gas. Currently, about 85% of the yearly construction of over 30 million tonnes of ships takes place in the Far East, with 7% in the European Community and 8% in the rest of the world.

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