Dutch Software Company Awarded Million Euro Contract by PETRONAS

By Spirit It, PRNE
Sunday, March 20, 2011

EINDHOVEN, The Netherlands, March 21, 2011 - The Netherlands-based Spirit Innovative Technologies (Spirit IT), a
specialist developer of software products and solutions for the oil and gas
industry, has entered into a multi-year agreement with Malaysian oil company
PETRONAS. The agreement, which was signed on 4 March this year, came into
force this week with the first orders from PETRONAS.

In addition to software development, installation and maintenance
activities, the extensive agreement comprises marketing and sales activities
focused on the international oil and gas industry. The agreement will be
implemented over a period of ten years.

Harry Kok, CEO of Spirit IT, on the new and exclusive joint venture said:
"This means an international breakthrough for our company. We are among the
first to intensively partner with a high-profile company like PETRONAS, not
just for the development of software, but also to market it internationally.
More products are likely to follow."

Initially, the agreement focuses on the supply of software that will
allow PETRONAS to strongly enhance the quality and intelligence of all its
onshore and offshore metering systems as well as to make data available

It is expected that there will be an increase in the number of employees
at Spirit IT.

"We are already in the process of establishing an office in Malaysia,
where local employees will embark on the project, initially under the
supervision of our staff in Eindhoven. In short term, our office in Kuala
will be able to provide local support. The office is expected to
develop into an expertise centre for the South-East Asian region."

The software, for which both companies share intellectual property
rights, is already operational at various sites and is currently being
enhanced with more advanced features. PETRONAS expects the joint venture to
result in considerable improvements in the quality and reliability of fiscal
measuring systems.

Since its foundation in 2002, Spirit IT has provided software to the oil
and gas sector from its headquarters in the Brainport Top Technology Zone in
Eindhoven. After a long and critical evaluation cycle the company was
selected by PETRONAS from five renowned competitors.

"PETRONAS based its selection on the high level of expertise present in
our organisation as well as our highly innovative portfolio of products and
services for this industry."

Website : www.spiritit.com/news

Contact : Harry Kok (CEO), Phone : +31-650-235-042, E-mail : h.kok at spiritit.com

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