A consortium of major oil and gas companies have selected CGI Group Inc. (CGI) (TSX: GIB.A; NYSE: GIB) to build and maintain a sustainable production accounting solution. Devon Canada, EnCana, Husky Energy, Talisman Energy, and CGI have signed a co-venture contract whereby CGI will build, maintain and enhance a single solution to be used by these companies, over the next 10 to 20 years. This solution is intended to increase efficiency, improve the quality of information by providing end users more time for data analysis and ultimately result in the ability to make better business decisions. The new system is being developed as an industry solution that will be available to other oil and gas companies that operate in Canada.
"We are pleased to be part of this initiative to create an industry solution for production accounting. Changing production accounting systems is challenging and expensive. The prospect of having a sustainable long term solution is very appealing to us. The strong working relationship that has developed between the parties involved gives us confidence that the result will serve the industry well," said Bill Stevenson, comptroller upstream operations, EnCana Corporation.
Terry Johnson, senior vice-president, Western Canada, CGI added: "We are very excited about this partnership and the confidence these major companies have shown in our ability to deliver. This innovative solution adds to our service offerings and makes us a partner of choice given our breadth and depth of service and solution capabilities as well as our strong foothold in this constantly evolving sector. Moving forward, we expect other oil and gas companies to embrace and implement this leading edge solution."
CGI provides solutions and services, addressing specific challenges in the upstream, midstream, and downstream environment. CGI currently serves over 700 petroleum companies and natural resource trust management organizations worldwide and has done so for over 18 years. CGI's solutions help companies integrate the business procedures vital to the management of your assets - land, production, marketing and financial accounting information - with enterprise software solutions, information management consulting services and business process outsourcing services.
Founded in 1976, CGI is among the largest independent information technology and business process services firms in North America. CGI and its affiliated companies employ approximately 25,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in India and Canada. CGI's annualized revenue run rate is currently CDN$3.8 billion (US$2.8 billion) and at March 31, 2004, CGI's order backlog was CDN$12.0 billion (US$9.1 billion). CGI's shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the TSX Composite Index as well as the S&P/TSX Canadian Information Technology and Canadian MidCap Indices. Website: www.cgi.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements represent CGI Group Inc.'s intentions, plans, expectations, and beliefs, and are subject to risks, uncertainties, and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements.
These factors include and are not restricted to the timing and size of contracts, acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly-evolving information technology industry; general economic and business conditions, foreign exchange and other risks identified in the Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s Annual Report or Form 40-F filed with the SEC, the Company's Annual Information Form filed with the Canadian securities authorities, as well as assumptions regarding the foregoing. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", and similar expressions and variations thereof, identify certain of such forward-looking statements, which speak only as of the date on which they are made. In particular, statements relating to future revenue from outsourcing contracts are forward-looking statements. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements. .
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