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Connected Assets

Do you know what your asset data is telling you?

Digital technology can help you harness your data to increase asset performance and reduce risk

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Key challenges in asset intensive industries

With critical infrastructure becoming digital, the new normal is built on gathering and analysing data to drive decisions - from the smallest pump to a complex engine, an entire ship or pipeline to an end to end supply chain. But key to optimising operations in this environment is first to understand what data you have and then what it is telling you. While vast amounts of data is being produced, connecting data sources and analysing that data to provide valuable insight can be a huge challenge.

  • 1

    Minimising unscheduled downtime

    Unscheduled downtime due to ineffective maintenance practices can cost global refiners on average an additional $60Bn per year in operating costs

  • 2

    Reducing operational costs

    Use of remote monitoring for condition based maintenance in shipping could reduce service costs by up to $8Bn and downtime by 50% per year by 2025

  • 3

    Deriving value from vast amounts of data

    It is estimated that less than 1% of any organisations data is ever analysed

The challenges we see

The new digital economy promises many advantages – productivity and process improvements, increased profitability, optimised supply chains and new business models. But in order to reap the benefits organisations need to address  two challenges - first they need to understand what data they already have and how they can use it, and secondly they need to be able to harness the data that new digital solutions generates.  Bringing these two elements together is essential in order to produce actionable insights that enable them to make real time decisions to benefit their business.  In other words, data is key.

But many organisations are struggling with complexities.  Today a vast amount of data, structured and unstructured, is being generated from many different sources – including SCADA, operational and historical data – all in various formats. But these sources are often unconnected and as such only a fraction of that data is ever used.  For example, an oil rig uses only around 1% of 1.4TB of data that is generated on a daily basis and cruise ships typically have 1.2Bn data points, but because this is generated from equipment installed by different manufacturers these typically do not interact.

The challenge is not only bringing this data together, but then analysing this data to provide actionable insight.

References: [1] Deloitte Center for Energy Solutions ; [2] McKinsey ; [3] IDC.

Capabilities we leverage

LR’s Connected Assets capabilities fuel digital transformation by combining data science and  analytics with over 250 years of learning and expertise within marine and shipping, energy and oil and gas - enabling our customers to drive new insights with real time actions that can improve asset performance and reduce risk.  

Our capabilities span end to end delivery - from articulating or defining the problem, the instrumentation of equipment, the gathering and aggregation of real time data and normalising it into formats that can be analysed - through to developing bespoke mobile  applications and management dashboards specific to each of our customers’ needs. 

Our solution is able to gather and integrate data from any source into one single version of the data truth and aggregate this into what we call a data lake. Your data can be streamed in real time and integrated with machine learning, giving you an end to end view of your assets. This produces actionable insight across a single or multiple assets to optimise operations and reduce risk. We can also provide customers with the tools, guidance and training to develop their own insight.

Digital hand
Integrate data from any source to produce actionable insight

The approach we take

LR acts as the independent aggregator of data for our customers, bringing together various data sources and supplementing this with additional capabilities to augment any data that is missing. By doing this we are able to give our customers an informed, holistic view of their asset.  Our secure cloud platform can reside within LR’s networks, in the public cloud or customers’ own data centres depending on your requirements, and you always retain full control and ownership of your data.

Our consultants work with you to understand the challenges you are looking to solve, as well as identify new innovation opportunities.  We’ll then quickly build an initial proof of concept to test the outcome, build the business case and demonstrate value through a pilot, before full deployment across the enterprise.  We can quickly develop accurate and predictive models, provide full integration with ERP, maintenance and service systems and give external independent validation of predictive modes and accuracy.

Whether you are simply wanting to explore what digital transformation could mean for you, are looking to take the first steps to getting digital ready, or need delivery of a full end to end solution to solve a specific challenge, LR can help.

How we are helping our customers

Here are just some of the challenges we are helping our customers address using the LR Connected Assets platform, specialist analytics and our deep industry expertise:

  • Increasing uptime of electrical downhaul pumps in a faster, more efficient and cost effective way

    Challenge:  An oil and gas company wanted to accelerate condition-based maintenance on downhaul electrical pumps – and scale from 10s of pumps to 100s across a number of different wells.  But their traditional desktop-based local IT infrastructure and data analytics was unable to scale cost effectively and quickly.

    Solution:  Using the Connected Assets platform, a cloud based solution was deployed that gathered sensor data from the pumps, ingesting up to 40m data records.  The solution used 950 different analytical models to run analytics in real time – providing prescriptive insight and recommendations on the accurate status of each of the 100s of pumps across a number of different wells.

    Benefits:

    • 40-50% IT cost saving
    • Project delivered within weeks, as opposed to months
    • Pump downtime reduced, which could equate to £500k per week of lost revenue if the pumps were down at busy times
  • Improving profitability in marine chemical transportation

    Challenge:  A chemical tanker owner operates more than 30 specialised vessels which are chartered to customers who need to transport chemicals under particular conditions around the world.  Due to the hazardous nature of the goods being transported, a very complex decision making process is involved to choose the right vessel, route and port for each charter, based on more than 50 criteria and conditions.  This process was managed manually and therefore could be prone to inefficiency and error.  Additionally, whilst the vessels had over 80% utilisation rate this was not necessarily profitable.  The customer was looking to automate a complex decision making process, increase efficiency and increase profitability through optimisation.

    Solution:  Using the Connected Assets platform and LR’s experience in building complex models, a digital solution was designed that automated the process and optimised the choice of vessel for technical and commercial fit, and ultimately profitability.  Output could be visualised on a digital whiteboard and enriched with additional information such as vessel location and port costs to improve the decision making process.  Data could be captured in a structured and digitised format, enabling a deep dive into past decisions, highlighting the desired and undesired patterns which could then be used to learn and adjust behaviour.

  • Creating new revenue streams from value added services in shipbuilding

    Challenge:  A shipbuilder wanted to expand their customer offering by providing digital services that would generate recurring service revenues.  They were looking to enhance basic alarm and monitoring systems that they already provided by adding further value-added data analytics services, including fuel efficiency analytics, maintenance optimisation and predictive maintenance.

    Solution:  The LR Connected Assets platform can enable the customer to upload data and develop their own insight and algorithms that they wrap into a service to their customers.  They were interested in working with LR on this journey because we provide the combination of technical domain expertise in naval architecture, data centric technology capabilities and a global footprint - all critical elements to success.

  • Optimising wind farm performance by improving data visibility

    Challenge:  A medium-sized wind farm customer was gathering data manually from a number of separate and disconnected sources, making it difficult to make informed decisions. For example, turbine availability reports were being gathered in Excel from SCADA turbine systems by one team whereas another team was gathering weekly maintenance reports from another system to provide management information on turbine performance and power output. Reporting was manual, slow and prone to error.  This meant they were struggling with a lack of visibility into the root cause of low turbine availability, plus the maintenance status of each turbine was unknown, thereby increasing risk.

    Solution:  LR can integrate the customers’ existing maintenance and operations software in one place onto the Connected Assets solution.  Analysis of this data can be viewed via a cloud based reporting dashboard, in real time.  The performance of the wind turbines can be benchmarked against each other to pinpoint areas for optimisation.

    Benefits:

    • Complete visibility on work orders generated by technical and service supervisors
    • An ability to schedule maintenance more efficiently based on upcoming weather forecasts for example
    • Prediction of lost revenue due to faults or maintenance downtime
  • Improving safety on a drilling site

    Challenge:  LR was tasked with aggregating various unstructured data sources by a large oil and gas producer who was looking to identify safety related risks across their global operations, and in doing so, also improve safety on site.  Relying on human experience was proving insufficient as they were still experiencing a high number of unforeseen minor incidents.

    Solution:  LR is working to bring together data from different sources and in different formats into one place, creating a data lake. This can then be interrogated and AI techniques applied to arrange the data into heat maps that identify areas of risk. These heat maps can be further analysed, drilling down into the root cause to understand exactly what occurred. This will enable mitigation to be put in place to ensure it does not happen again.

     

  • Meeting regulatory compliance and maximising safety through real time monitoring on offshore rigs

    Challenge:  New regulation dictated that blowout preventers on offshore oil rigs be monitored in real time during well operations to maximise safety.  To meet this requirement data needs to be transmitted real time to shore from a number of offshore rigs.

    Solution:  LR provided a proposal for a solution based on our Connected Assets platform that enables the gathering of data from different sources on each rig.  This can then be integrated with data from the blowout preventer control system into local cloud hardware and stored locally on the rig. The data can then be securely transmitted to shore for further analytics and storage.

  • Improving asset performance through real time acoustic monitoring

    Challenge:  A customer who runs a number of vessels that transport large equipment offshore wanted to gather real time data from their turbines in order to develop predictive models to reduce the maintenance effort.   While these turbines provided data via their loggers, it was unreliable and the timestamp for each logging event was too far apart to identify issues between these timestamps.  The fact that the turbines were provided by different manufacturers, and therefore data sources were unconnected, created a further challenge.

    Solution:  LR, together with a strategic partner, are in the process of piloting an  acoustic monitoring solution through the deployment of a single sensor that monitors engine sound in real time at continuous levels.  This data is then being brought together with historical data to provide benchmarks and predictive insight to help optimise and then reduce maintenance scheduling.

    The platform ‘listens’ to the operational signatures of engines, then processes the data through machine-learning algorithms, and generates alerts that lead to critical operational insight. The acoustic monitoring solution detects and alerts when machines operate in potentially damaging modes, including shaft misalignment, cavitation or flashing. It enables a quick response and rectifies problems before they deteriorate machinery beyond repair.

    The deployment of this solution is non-invasive, meaning it does not need to integrate into any existing monitoring equipment, and is low cost to implement.

  • Reducing HSE risk using text analytics

    Challenge:  One of the largest integrated energy companies in the world wanted to raise their Health, Safety and Environmental (HSE) risk control to reduce the incidence of high volume, low impact incidents. As these caused health and safety concerns, as well as associated time and cost impacts, they were also looking to identify which particular issues should be a management focus.

    Solution:  LR is in the process of ingesting the company’s current HSE data, which is in Chinese and consisting of various formats, into our Connected Assets cloud based platform. This, combined with LR’s deep industry experience and data science expertise, will help the customer use analytics to shift from an experience based approach to a more data-driven approach, from macro-management to micro-management, and from passive response to proactive prevention - ultimately transforming the ways management can make decisions on safety and environmental protection.

  • Real-Time Monitoring and Predictive Maintenance of shop cranes to maximise safety of operations and minimize downtime

    Challenge:  A company that provides engineering solutions across the offshore and marine value chain wanted to improve the monitoring and maintenance of shop cranes to ensure maximum safety of operations and minimise unforeseen downtime.

    Solution:  LR’s Connected Assets platform formed the basis of a solution that enabled the company to ingest and aggregate data from different data sources on the cranes, including data from existing and specialised sensors, as well as historical data. This enabled insight that increased crane optimisation and management in real time, enhancing their operational use by predicting issues, reducing downtime and repairing unforeseen issues. 

Take the first step

We know most of our customers are overloaded with data which is in different formats from different sources and is not connected. The first step is to understand what data you have and how each source relates to a business need. We’ll help you discover your data, extract the value you need and make sure it’s cyber secure so that you are ready to begin your digital transformation journey.

Looking to get digital ready? We can help you take the first step with our data discovery service

INSIGHTS

What we think

LR's experts regularly share their research and insights.

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