Lloyd's Register (LR), the leading provider of engineering and technology-centric professional services, is further strengthening its services to energy companies with the expertise in the recently acquired RTAMO Ltd -- a software enabled consultancy which provides cutting edge data-driven solutions designed to reduce maintenance costs for asset owners.
Murray Douglas, Lloyd's Register's Strategic Project Director said: "At this critical economic time of low oil prices, asset owners are seeking better ways to maximise value. RTAMO - Real Time Adaptive Maintenance Optimisation - enables this to be done safely and sustainably by enabling asset owners and operators to tailor their maintenance strategy and preventive maintenance plans to suit their specific commercial needs."
Recent maintenance optimisation projects conducted using RTAMO on more than 20 offshore facilities for major international operators and mid-cap operators have delivered savings in maintenance costs of up to 30%. Projects to date include Maersk, BG Group, Shell, Centrica storage.
"Using this software-enabled service to manage our customers' maintenance burden will significantly reduce costs while demonstrating safe and responsible operations," said Douglas. "Company directors are very aware of the need to operate their assets safely and sustainably. Now, the RTAMO approach not only demonstrates the highest possible standards in relation to safety, but enables improved economic performance by eliminating unnecessary waste."
RTAMO technology is cloud-based, allowing rapid deployment through LR's global footprint and local presence, so optimisation benefits can be achieved almost immediately."
"Our methodology and software supports all phases of asset life – design, operation, tail end life and decommissioning. It's also evidence-based, which has an advantage over conventional maintenance planning. It is sensitive to commercial factors such as commodity prices, mean time to failure and cost of planned versus corrective maintenance. The very fact that we take people out of a hazardous environment has a direct impact on improving safety."
The RTAMO acquisition is one of the many recent investments by LR to drive data and digital innovation solutions for clients. Last year, LR announced its collaboration with Silicon Valley-based Greenfence - the first platform technology serving the Testing, Inspection and Certification (TIC) marketplace.
RTAMO has been developed for the offshore industry where maintenance costs are high. The same methodology and software is equally applicable in other high risk, capital intensive industries – such as refining, petrochemical, renewables, power generation and shipping.
Who we work with
We help businesses across dozens of sectors push forward and achieve like never before. How can we help you?
What we think
LR's experts regularly share their research and insights.