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Saudi Aramco Buys 7.4% Stake in Norwegian Software Firm Cognite

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
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Saudi Aramco Buys 7.4% Stake in Norwegian Software Firm Cognite

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. (Reuters)

Saudi Aramco has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP, Cognite said on Wednesday.

The price for the stake was "around 1 billion Norwegian crowns," or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.

Cognite and Saudi Aramco are in a partnership to provide digitization services in Saudi Arabia and the wider Middle East region.

"Cognite has proven that their technology delivers complex real time insights seamlessly and is optimizing how energy is being supplied to the world," Saudi Aramco Senior Vice President Ahmad A. Al-Sa'adi said in a statement.

Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke's group of companies, whose investment firm Aker ASA has a 50.5% stake in Cognite.

US venture capital firm Accel holds 12.4% while Cognite's Chief Executive John Markus Lervik owns 7.2%, an Aker spokesman said in May last year.

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Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
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Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)

Türkiye's manufacturing sector contracted further in March, with output and new orders continuing to ease amid difficult market conditions both domestically and internationally, a survey showed on Wednesday.
The Purchasing Managers' Index (PMI) slipped to 47.3 from 48.3 in February, marking the lowest reading since October last year, survey compilers S&P Global reported. A PMI reading below 50 indicates a contraction in activity, Reuters reported.
March marked the 21st consecutive month of declining new orders, with the slowdown being the most pronounced since last October. New export orders fell at the fastest pace since November 2022.
"Challenging market conditions both at home and abroad meant for further moderations in output and new orders in March as Turkish firms struggled to secure business," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
Despite the downturn, there were signs of stabilization in some areas. Inventory levels held steady after 10 months of depletion, and suppliers' delivery times improved for the first time in six months, reflecting reduced demand for inputs.
Inflationary pressures eased slightly although currency weakness continued to drive up costs. Employment in the sector also saw a slight reduction for the fourth consecutive month, though the decrease was the smallest so far this year.
Manufacturers remain cautiously optimistic about future output, hoping for improvements in new orders and demand from the construction sector over the coming year.