The value propositions of FutureOn and Kongsberg Digital are highly complementary, as FutureOn is a frontrunner in subsea life-of-field and the project delivery phase of an energy asset life cycle, while Kongsberg Digital focuses on the operational and maintenance phase.
Following the investment, Kongsberg Digital will hold the majority stake of FutureOn, with Bentley Systems (NASDAQ: BSY) and FutureOn's management as other key owners. This will strengthen Kongsberg Digital's position as a leading industrial software as a service (SaaS) company ensuring an end-to-end value proposition from planning to decommissioning.
Since it was founded in 2016, FutureOn has gained a significant market position within key industry segments by providing engineers and decision-makers with a collaborative common data platform for energy projects and subsea assets through the life of a field. The software optimises cost control, resource management, and project development acceleration. FutureOn's FieldTwin technology provides cutting-edge solutions for the energy industry across FutureOn's strong customer and partner portfolio.
“This is a fantastic milestone and strategically important step in the Kongsberg Digital and FutureOn partnership. FutureOn is a frontrunner in developing technology towards the early phase of an asset life cycle, making its technology a perfect fit for our Industrial Work Surface. Building on an already close partnership, Kongsberg Digital will continue to develop and incorporate new technology to enable a true end-to-end delivery throughout the lifetime of an asset. This partnership also plays a key role in extending our offering into the renewable market. Today we have a strong offering for carbon capture and storage and hydrogen. FutureOn's technology will play a key role in Kongsberg Digital's strategy towards green energy field developments like offshore wind”, says Shane McArdle, CEO of Kongsberg Digital.
Before this investment, Kongsberg Digital held a 17 percent ownership of FutureOn. Shane McArdle has been a board member of FutureOn since Kongsberg Digital made its first investment in FutureOn in November 2021. The company has 38 employees located in Oslo, Norway, with further presence in Houston, London, Dubai, Lyon and Perth. The company will continue as a stand-alone company.
