Lloyd’s Register (LR), the leading provider of engineering and technology-centric professional services, is awarded a new contract from S-Oil Corporation (S-Oil) covering the implementation of a fully integrated risk-based inspection (RBI) system. Based at S-OIL’s largest investment project – a new USD4.2 billion (4.8 trillion Korean Won) residue upgrading and Olefin downstream complex (RUC/ODC) plant in Ulsan, Korea – the new contract will commence this month.

“We are delighted that S-OIL has decided to adopt our AxximTM software package to make its management of failure probability more systematic and efficient. In extending our RBI services to S-OIL’s strategic RUC/ODC project, we eagerly anticipate helping S-Oil successfully realise its goal to modernize and expand its integrated refining and petrochemical operations,” said Mr. Pyeong-Sik Shin, Asset Integrity and Development Solutions Manager of LR for Korea.

The new contract will see LR deliver additional RBI consultancy services across areas such as systems, software training, and inspection management modules. LR’s team of experts will also assist in the selection of thickness measurement locations for equipment and pipes.
“We have been working with LR’s in-house experts for some time. Apart from its high-quality RBI Software (Axxim) and RBI resources, the team’s expertise in corrosion specialties such as Propylene Oxide and Polypropylene Units will bring tremendous value to new processes at the integrated RUC/ODC complex,” said Mr. Dong-Hak Lee, S-OIL’s Inspection Department Manager.

“Coupled with its vast proven technical experience, we believe LR’s continued responsiveness will be pivotal in accelerating our momentum to successful project completion in 2018. This will in turn ensure S-OIL can improve its profitability and achieve long-term competitiveness by converting low-cost heavier hydrocarbons into high-value olefins and fuels.”

D.J. Schuld, Area Manager Operations for LR’s Asset Integrity Services, highlights: “This contract is further proof that LR is developing ‘best-in-class’ software and technology applications for tomorrow’s Industry 4.0. We are working in close collaboration with many customers all over the world creating better value for their businesses by applying innovative data and digital solutions that help deliver better business performance, increased efficiencies and improved risk management. It is an exciting time - we are connecting technology and people to provide deep knowledge on how to be at the forefront of managing plants and infrastructure safely and effectively.”