In the safety critical industries where Lloyd’s Register operates, the failure of critical equipment can lead to hazardous conditions that may result in accidents involving workers, the environment or the general public. In Shipping, critical equipment covers supply of electrical power to essential services such as propulsion, steering, main engine, and generators. In Oil and Gas, it includes pressure vessels, pipelines and rotating equipment. Effective maintenance strategies are becoming increasingly essential to minimize risks through insights gained from data, assets and operations. However, gaining insight from data is challenging, as it can be unstructured and difficult to analyse, meaning a large percentage is unused.
Energy and shipping industries have extensive amounts of historical records of maintenance, inspections and failure reports, which are unstructured and textual. If suitably analysed, this data could be used to improve and optimise maintenance and act to prevent, reduce or mitigate the impact of critical equipment failures and improve safety. With this industry innovation challenge, Lloyd’s Register is looking for highly innovative technology solutions that can perform advanced analytics on large quantities of data, to generate actionable insight.