Oil and gas software developer Stochastic Simulation has gone into liquidation, about five months after it went into receivership, with secured creditors likely to receive about 4 cents in the dollar in a best-case scenario.
Software company Stochastic Simulation has joined a growing list of Western Australian businesses kicking goals globally in oil and gas technology development, as local providers increasingly target opportunities offshore.
As the construction peak passes and the oil price slides, service providers to the energy industry are re-evaluating how they do business. See our special report to see how technology, marine logistics and equipment providers are adapting to the new climate, and read about changes in the industry's workforce.
Oil and gas modelling software provider Stochastic Simulation has entered into a $5 million deal to acquire modelling technology from Predrill Stresses International.
Osborne Park-based technology firm Stochastic Simulation has launched new software which it claims will enable oil and gas companies to achieve overnight a level of subsurface analysis which would have previously taken years.
