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Edmonton, Canada and Brisbane, Australia (June 23, 2021) – OneSoft Solutions Inc. (TSX-V:OSS; OTCQB:OSSIF) (“OneSoft”) and Advisian, a Worley global consulting business (“Advisian”), have entered into a Teaming Agreement (“Agreement”) to conduct collaborative pipeline integrity projects using the Cognitive Integrity Management (“CIM”) software-as-a-service (“SaaS”) solution developed by OneSoft’s subsidiary, OneBridge Solutions Canada Inc. (“OneBridge”). Pursuant to the terms of the Agreement, Advisian may deploy CIM on a global basis for pipeline integrity management projects managed by Advisian and provide engineering services for certain OneBridge clients.
Advisian initially began to investigate CIM in 2018 as a software platform to provide their clients with high value engineering services associated with pipeline integrity management, including prediction of failures, threats, risk analyses and transformation from legacy to advanced methodologies by leveraging machine learning, data science and cloud computing. Commencing in March 2020 Advisian engaged with several pipeline operators in Australia and Europe to conduct Production Trials using CIM, resulting in several case studies that validate the high value of integrating CIM capabilities with advanced engineering expertise and services provided by Advisian.
“Following thorough testing and investigation covering a wide range of scenarios, we are confident that the combination of CIM and our engineering services will result in the best pipeline management solution available for operators anywhere in the world today,” said Peter Cox, Advisian Vice President, Energy and Chemicals. “CIM provides the ideal data management and computing platform to accelerate digital transformation and next generation solutions for our clients.”
As a result of one of the Production Trials conducted in Australia, a major pipeline operator has engaged Advisian to conduct an extensive pipeline integrity management project, involving historic and current inline inspection data alignment, fitness for service and anomaly growth rate assessments. In collaboration with Advisian, OneBridge developed the CIM “pay-as-you-go” usage model to accommodate CIM use for such one-time projects, with the expectation that such projects may ultimately convert to ongoing Advisian consulting and CIM SaaS user agreements. Certain international user requirements were incorporated into CIM during 2020, including imperial to metric conversions and some additional functionality that differs from North American requirements. Continuing sales efforts are expected to generate other joint projects for CIM and Advisian services in the future, with additional pipeline operators in Australia, EMEA and North America.
Hossein Khalilpasha, Advisian Principal Integrity Engineer and Asset Integrity Lead stated, “The case studies we performed demonstrated that our analysis of clients’ data using CIM with machine learning is not only more accurate, much faster and less costly for clients, but also provides state-of-the-art 3D visualization of pipeline data that empowers engineers to surface and contextualize pipeline conditions and threats that legacy integrity management systems and processes used today do not rival.”
“We greatly appreciate the dedication of the Advisian team members who have assisted to validate CIM for global use by working with pipeline operators outside of the U.S.A.,” added Tim Edward, OneBridge President. “CIM is a unique data aggregation platform that ingests, normalizes and aligns the numerous disparate data sets that impact pipeline operations and facilitates advanced analytics using machine learning and data science. Worley/Advisian subject matter experts can then leverage CIM to assist their clients to reduce pipeline failures and improve integrity management practices in cost effective ways.”
Worley is a global company headquartered in Australia and our purpose is delivering a more sustainable world. Worley is a leading global provider of professional project and asset services in the energy, chemicals and resources sectors. As a knowledge-based service provider, we use our knowledge and capabilities to support our customers to reduce their emissions and move towards a low carbon future.
OneSoft has developed software technology and products that have capability to transition legacy, on-premise licensed software applications to operate on the Microsoft [NASDAQ:MSFT] Azure Cloud Platform. Our business strategy is to seek opportunities to incorporate Data Science and Machine Learning, business intelligence and predictive analytics to create cost-efficient, subscription-based software-as-a-service solutions. Visit www.onesoft.ca for more information.
OneSoft's wholly owned subsidiary, OneBridge Solutions Canada Inc., develops and markets revolutionary new SaaS solutions that use advanced Data Sciences and Machine Learning to analyze big data using predictive analytics to assist Oil & Gas pipeline operators to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs and address regulatory compliance requirements. Visit www.onebridgesolutions.com for more information.
For more information, please contact:
Sean Peasgood, Investor Relations
Dwayne Kushniruk, CEO
Peter Cox, VP Energy & Chemicals
+61 402 007 539 | GMT + 10
This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
In respect of the forward-looking information and statements the Company has placed reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally, which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and costs of performing pipeline evaluation, inspection and maintenance in the USA are representative of those in the rest of the world, are reasonably accurate; the success of growth projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material development or other costs related to current growth projects or current operations. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industries in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by Canadian securities law.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
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