Aker Bets on Software Engineers for Its Oil Business
When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps, heat and pressure sensors, maintenance records and even staff rotas to improve efficiency and safety.Less than two years later, Cognite is selling its software to Aker BP's rivals and one competitor, Sweden's Lundin Petroleum, has even agreed to share its real-time oilfield data with Aker in what they say is an industry first."This will be the first time two different operatorsā¦
Moore Stephens Rues Missed Opportunity
International accountant and shipping consultant Moore Stephens says it is regrettable that changes announced for inclusion in the UK Finance Bill 2013 have failed to remove exchange rate distortions from the calculation of capital gains on ships. Currently, all capital gains and losses subject to UK corporation tax are calculated by reference to sterling, with the result that capital gains and losses arising on non-sterling assets, including certain ships, can be significantly distorted by exchange rate fluctuations.