Saudi Arabian Oil (Saudi Aramco) has purchased a 7.4% stake in global industrial software as a service (SaaS) company Cognite from Aker BP.

Aramco Overseas, a subsidiary of Saudi Aramco, has acquired 100% of Aker BP’s shares in Cognite.

At present, Cognite is serving as a digitalisation partner for Saudi Aramco to digitalise and enhance the efficiency of its operations through an industrial data platform called Cognite Data Fusion.

The platform will allow industrial data and domain users to collaborate rapidly and safely to develop, operationalise and scale industrial AI solutions and applications.

Saudi Aramco technical services senior vice-president Ahmad A. Al-Sa’adi said: “Cognite has proven that their technology delivers complex real-time insights seamlessly and is optimizing how energy is being supplied to the world.

“We are impressed by the great momentum Cognite has shown since inception where it now serves some of the leading industrial companies globally.”

In December 2020, Saudi Aramco Development had collaborated with Cognite to establish a joint venture to boost industrial digitalisation.

The JV was aimed at accelerating digitalisation in Saudi Arabia, as well as the Middle East and North Africa region.

It was set up for the development, distribution and deployment of end-to-end digital and advanced solutions for customers in various industries such as oil and gas, power and utilities, manufacturing and shipping.

The solutions are said to facilitate the digital transformation of companies via production and yield optimisation, predictive maintenance, workforce digitalisation, advanced safety measures and a reduced environmental footprint of industrial operations.

Cognite CEO and co-founder Dr John Markus Lervik said: “To have the world’s leading energy company invest in Cognite is a strong show of faith in our trajectory, and in the value of contextualised, actionable data as the foundation to shape a more efficient, more sustainable industrial future.”