EPC Joint Venture Adopts Decision Dynamics' Oncore Software to Track & Control Project Construction Costs for Oil Sands Project
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Oncore Software Will Be Used for Major Capital Project in Alberta
CALGARY, May 7 - Decision Dynamics Technology Ltd. (TSX-V:DDY)
announced today that its Oncore project cost management software is being
deployed by a major Engineering, Procurement and Construction joint venture
("EPC") to track and control reimbursable costs related to construction
contracts on an Oil Sands Project in Fort McMurray, Alberta. Oncore will
streamline validation of contractor invoices, automatically calculate charges
based on contract terms and enable managers to view and analyze costs by line
item in real time. The DDY contract is expected to generate $1 million in
revenue for Decision Dynamics over the duration of the project.
The EPC will use Oncore to provide a real-time view of costs and progress
related to major reimbursable contracts during the construction phase of the
project.
The Oncore deployment is currently under way, with a Decision Dynamics
team assigned to install and configure the software with the EPC's work
processes and contract terms.
"We are pleased with the value that Oncore will deliver to the EPC by
significantly reducing the effort and increasing the accuracy of managing the
complex reimbursable contracts involved on the project. With the ability to
eliminate manual calculations and obtain a real-time view of project costs
across several construction contractors, Oncore will provide the EPC with
tight financial control at every step of construction," said Justin Zinke,
Decision Dynamics' President and CEO. "This contract continues our expansion
in the oil sands industry and demonstrates the value of Oncore's cost and
contractor management on mega-projects in the construction and services
segments."
Oncore tracks labor, equipment, materials and other costs for capital and
operations projects by line item, provides robust analytics for complex
calculations such as comparative contractor performance, and makes all
information available in a central repository. The application provides
real-time visibility into project status, reduces invoice disputes, helps
prevent overcharges, flags cost or progress problems to allow timely
corrective action, eliminates lengthy reconciliation of contractor invoices
and timesheets to contract terms, and helps reduce post-project audit costs.
About Decision Dynamics Technology Ltd.
Decision Dynamics Technology Ltd. is a leading provider of innovative
data collection, operations reporting, business analytics, decision
optimization and workflow integration software solutions to the energy sector,
including major oil and gas and electrical power companies. Its flagship
products include Oncore, a project cost management solution that provides
real-time cost information, contract validation and approvals for operations
management and capital projects; and Wellcore, a well lifecycle management
solution that provides oil and gas companies with operations visibility. The
Company has also developed X-Core, a patent-pending, fully integrated,
end-to-end data modeling and application development system. Decision Dynamics
is a Microsoft Gold Certified Partner. The Company's head office is located in
Calgary, Alberta, Canada. It operates wholly-owned foreign subsidiaries in the
United States with offices in Houston, Texas. Decision Dynamics trades on the
TSX Venture Exchange under the symbol "DDY". For more information visit
www.ddytech.com.
For further information: Jeff Austin, Vice President, Products, (403)
451-0678,jeff.austin@ddytech.com
