IFS.ai-powered IFS Cloud will reduce risk and boost operational efficiencies,streamlining business processes across project inventory valuation,cost-control,and maintenance.

LONDON,Dec. 17,2024 --IFS,the leading technology provider of enterprise cloud and Industrial AI software,today announced that BW Offshore,the builder and operator of floating production,storage and offloading (FPSO) units for the offshore energy industry,has chosen IFS Cloud to streamline multiple business processes,deliver increased efficiency,and transform cost-control.

The strategic upgrade is the latest in a 15-year partnership between BW Offshore and IFS,with the company seeking to increase margins and reduce operational risk as part of its sustainable growth goals against a complex backdrop of dynamic energy market conditions. Leveraging increased automation and Industrial AI embedded across processes and approval flows will significantly improve the asset-intensive company's data quality,reducing previous manually generated errors.

BW Offshore will use the latest energy industry capabilities in IFS Cloud to improve project inventory valuation and transparency,gain greater control over project costs,support client reimbursable processes,and drive-up efficiency in maintenance operations. In finance,IFS Cloud will enable BW Offshore to achieve more efficient processing of supplier invoices through a shift from manual to automated methods. This step-up in capability will also improve group consolidation and cash-planning.

Substantial gains in asset performance optimization capabilities include analytics that boost the insights available to employees and reduced time-to-report for incidents. User-friendly automation in maintenance support processes is also set to enable multi-company time-reporting,with contractors able to update on the assets and source RFQ processes.

Fritz Ekløff,Head of IT at BW Offshore said: "Our company is always at the forefront of digitalization whenever we see it will deliver substantial business value. After a long and fruitful relationship with IFS,there was little question we would upgrade to IFS Cloud to take advantage of the latest energy industry-specific capabilities. We anticipate that IFS Cloud will deliver value through enabling us to achieve significant increases in efficiency onshore and offshore,while helping us to remain fully agile and competitive in what is a volatile global energy market subject to many pressures."

BW Offshore will also utilize IFS Customer Success services,an engagement framework that provides access to dedicated expert support throughout the implementation process and beyond.

Ann-Kristin Sander,Managing Director,IFS Nordics said: "BW Offshore recognizes how IFS Cloud will power its growth,keeping the company at the cutting-edge in a very demanding industry. The upgrade means BW Offshore can streamline integrations right across the IT landscape and,once fully implemented,the new capabilities will unlock even greater efficiencies. In future,BW Offshore will also benefit from faster access to the latest IFS.ai innovation as a result of being evergreen on IFS Cloud. We are proud that IFS's deep industry expertise will continue to help BW Offshore achieve its goals."

About BW Offshore

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 3 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution,the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,200 employees and is publicly listed on the Oslo stock exchange.

About IFS

IFS is the world's leading provider of Industrial AI and enterprise software for hardcore businesses that make,service,and power our planet. Our technology enables businesses which manufacture goods,maintain complex assets,and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity,efficiency,and sustainability.

IFS Cloud is a fully composable AI-powered platform,designed for ultimate flexibility and adaptability to our customers' specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP),Enterprise Asset Management (EAM),Supply Chain Management (SCM),Information Technology Service Management (ITSM),and Field Service Management (FSM). IFS technology leverages AI,machine learning,real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer's site to ensure they would be available 24/7 and the needs of the customer would come first. Since then,IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility,customer-centricity,and trust,IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

IFS Press Contacts:

EUROPE / MEA / APJ: Adam Gillbe

IFS,Director of Corporate & Executive Communications

Email: press@ifs.com

Phone: +44 7775 114 856

NORTH AMERICA / LATAM: Mairi Morgan

IFS,Director of Corporate & Executive Communications

Email: press@ifs.com

Phone: +44 7918 607 299

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