SOURCE: Navarik Corp.

Navarik Corp.

October 30, 2011 10:00 ET

Navarik and Oil Industry Leaders Spearhead Initiative to Aggregate Inspection Data for Producing Vessel Experience Factors

VANCOUVER, BC--(Marketwire - Oct 30, 2011) - Navarik, a global leader in the management of cargo inspection data for the oil industry, announced today it has reached an agreement with several major oil companies to roll out the Navarik VEF Service on November 1, 2011.

This new VEF (Vessel Experience Factor) service will aggregate cargo inspection data across all Navarik customers to create a single repository of cargo measurements, resulting in a greater volume and integrity of VEFs that can be accessed by a single customer. The VEF platform establishes Navarik as a leading aggregator of seaborne operational data to the global oil community. The service will provide benefits to users through greater accuracy of settlement calculations and voyage reconciliation.

Navarik VEF represents the first of many data services that Navarik will develop upon their existing software platform, which is used today by the oil industry for managing physical operations. Patrick Rooney, President & CEO of Navarik, stated, "Combining our extensive software platform, expertise, and reputation, with industries' need for secure data collaboration, has enabled us to become a trusted third-party provider of aggregate data. Over the coming months, Navarik will continue to work with the oil industry to develop new aggregate data services and increase the size of our data pool by acquiring new customers."

About Navarik

Navarik's mission is to be the leading provider of physical operations software and data services for the commodity trading industry by leveraging its on-demand software platform and industry expertise. Many of the world's largest oil companies rely on Navarik's flagship product, Navarik Inspection™, for business process automation and data intelligence to help them optimize trade with their counterparties and achieve better performance from their inspection firms, terminals and vessels.

Contact Information

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    Anita Carew
    Vice President, Services and Product Management