DeepStream Technologies to transform Premiere Oil supply chain operations

Global E&P Company, Premiere Oil is set to energise their procurement operations through adoption of digital technology developed by London-based Software development Company DeepStream Technologies Ltd. which aims to create an open and collaborative approach to holistic supply chain management.

As a global company, Premier Oil procurement processes significant levels of complex service and equipment agreements. These agreements involve input from across the business including technical, commercial, financial and legal specialists. The intensity of this process often generates large volumes of sensitive and detailed information with contractors and intermediaries within their supply chain.

Historically, procurement teams have been heavily reliant on email to track and coordinate supply chain communications, accompanied by heavy PDF’s of contracts and data. The one-to-one nature of transactions undertaken in this way creates a significant compliance issue in terms of data management and corporate oversight.

DeepStream’s technology provides a fully integrated, tender-based portal which offers a full-service procurement solution, ensuring governance, compliance and auditability of documentation and communications across the supply base.

“It’s important that we have best-in-class processes and technology to ensure our operations continue to be robust and efficient.” Said Steven Petrie, Premier Oil UKBU Supply Chain Manager.

“In our supply chain operations, we are focused on performance in terms of delivering value and assuring communication auditability and compliance: DeepStream is making a significant contribution to those objectives” he added.

According their website, Deepstream Technologies strive to help businesses digitise their offering and facilitate commercial transactions in a secure, transparent and collaborative environment for compliant data exchange. By developing a highly user-friendly product with the latest software technology available to an underserved enterprise market, DeepStream has facilitated over US$600m of industrial tender-based transactions globally including in the UK, Norway, US, Mexico and West Africa.

Jack Macfarlane, DeepStream Technologies Chief Executive Officer, commented:

“DeepStream is delighted to be working with Premier Oil in the UKCS, and we have been extremely impressed with their ambitions in leading the way towards a digital and transparent supply chain, sharing our vision in using technology to drive overall industry collaboration. We are not only facilitating a dramatically improved software experience for Premier Oil, but also enabling a secure and auditable tendering platform which removes the compliance risks associated with opaque email & attachment driven processes”.

Deepstream’s innovative technology lends itself well to Premier Oil’s ambition to grow shareholder value by investing in high quality production and development opportunities whilst maintaining exposure to upside value from successful exploration within a strict capital discipline framework. This collaboration enables Premier to maintain the highest standards of corporate responsibility whilst providing DeepStream with a high-volume E&P client to further develop its digital offering to the industry.