Malibu Engineering and Software has been taken over by Edmonton-based Time Industrial. The companies are now to merge into a new unit called Decision Dynamics’. Malibu, a privately held, Calgary-based enterprise software company provides workflow automation applications and services – notably the Wellcore well data capture and management solution.
Chrapko
Time Industrial founder and Executive Director Evan Chrapko told Oil IT Journal, ‘Decision Dynamics is a public shell being used to effect a transaction between Time Industrial and Malibu. Decision Dynamics will issue stock to all shareholders of T.I in exchange for all their shares of T.I. Decision Dynamics will issue stock and some cash (approx C$2.8 million) to all shareholders of Malibu in exchange for all their shares of Malibu. Former T.I. shareholders will comprise the biggest group of shareholders in the resulting entity. In other words we will have performed a reverse takeover’.
Contractor management
Time provides utility and oil and gas refinery companies with services and software systems to aid in the management of outside contractors during outages, turnarounds, shutdowns, capital construction and maintenance projects. Time’s services and software are designed to address what can be a complex commercial relationship between utilities and oil and gas companies and their contractors, namely due to issues relating to timing, scale and cost.
BP/Chevron
Time currently serves BP/Chevron joint venture Central Alberta Midstream (CAM). Time’s services increase cost visibility and progress control on turnarounds done at CAM’s gas plants. CAM employs dozens of contractors and runs its operations around the clock.
Hubick
CAM VP finance Kim Hubick said, ‘We looked at other approaches to the problem of accessing timely, accurate cost control information but found nothing else as fast, user-friendly, and valuable as the Time Industrial service. We are saving on admin costs—but the far bigger savings and value-creation come from contractor invoice control and project decision-making.’ The new company will be headquartered in Calgary and its stock will be traded on the Toronto Stock Exchange/Venture sub-exchange under the ticker ‘DDY’.
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