IFS GLOBAL SOFTWARE INC. WELCOMES OILFIELDS SUPPLY CENTRE LTD. AS A PREMIUM MEMBER OF THE EQUIPMENT HOUND E-COMMERCE MARKETPLACE
VANCOUVER, BC, March 29, 2023 /CNW/ - IFS Global Software Inc. (NEO: IFS) ("IFS" or the "Company") is pleased to announce that Equipment Hound, the E-Commerce marketplace of IFS, has signed a Premium membership agreement with Oilfields Supply Centre Ltd.
About Oilfields Supply Centre Ltd. ("OSC")
OSC was established in the early 1960s and is primarily focused on the upstream oil and gas industry for the Middle East and North Africa Region (MENA) and also has operations in Malaysia. The prime focus is the development and operation of oilfield logistics bases and currently within the Emirate of Dubai they have a footprint of almost 11 million square feet situated in the Jebel Ali Free Zone, TechnoPark and Dubai Industrial City. The base in Johor Baru, Malaysia is approximately 20% of the total Dubai land area. Within these land areas OSC has constructed industrial facilities to accommodate its own operations and those of key oilfield companies such as Schlumberger, Halliburton, Baker Hughes, Weatherford and NOV.
In addition to its main activities of oilfield logistics services, OSC also has a strong manufacturing orientation again with its focus on the upstream industry but additionally and importantly also manufactures pressure vessels, heat exchangers and skid-mounted gas compression packages for both oil and gas and process industries.
Smith International Gulf Services (SIGS), a company established under the OSC group of companies, have maintained state-of-the-art capabilities for the manufacture, service and repair of a variety of oilfield related equipment such as manufacture of Drilling tools, Machine shop repair services, Lifting Equipment inspection services, Fluid Sealing Gasket products, Slotted Liners, Specialized welding and hard metal applications etc.
OSC-SIML, a subsidiary of OSC, is the manufacturer of various oilfield equipment such as drilling jars, shock subs, side-tracking tools, reamers and under-reamers, packers etc. In addition to equipment for drilling-related activities OSC-SIML alo manufactures completion assemblies including but not limited to liner hangers, liner packers, by-pass cement manifolds and anchors.
OSC has a total employee headcount of 1,300 and net assets of over AED 1.2 billion.
Key to its success has been OSC's continued focus on QHSE as evidenced by its exemplary safety record in the industry. It has the important accreditations of ISO 9001, ISO 14001 and ISO 45001 all of which support the strong QHSE orientation.
IFS is a publicly listed company, with its common shares listed on the Neo Exchange Inc. (NEO: IFS) and operates in Dubai, U.A.E through its wholly owned subsidiary, Interfield Software Solutions LLC ("Interfield Solutions"). Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company's flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company's flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.
ON BEHALF OF THE BOARD OF DIRECTORS
Harold Hemmerich, Chief Executive Officer & Director
Forward-Looking Statements Disclaimer and Reader Advisory
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as "expects", "anticipates", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends", or variations of such words and phrases, or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements..
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forwardlooking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of any applicable regulatory authority; and that factors may occur which impede or prevent IFS's future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, IFS does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.
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SOURCE IFS Global Software Inc.
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