Our TQ approach enables technology developers to minimise research and development costs, and the associated risks of commercialising new technology with a lack of historical data. The TQ framework speeds up the development process to deliver fast returns – increasingly vital in an evolving industry.
Innovation is driven by new technologies that involve novel designs, concepts or applications. But whilst the upsides can be commercially and strategically critical, novel technologies can be complex and are often not covered by existing rules, standards and industry practices.
LR's Guidance Notes for TQ offers companies a robust methodology and systematic process that provides evidence - prior to commercial deployment - that novel technology will function within specific limits and to an acceptable level of confidence.
It enables companies that are involved in the development of new technology to achieve a conformance certificate for their technology. The process helps companies to not waste unnecessary costs of development on technology refinement if the technology meets with the TQ approach from LR and existing published standards. It can also be a process to prove confidence in a technology or prototype to attract additional financing and assistance to help bring a company's technology to commercialisation anywhere in the world.
John Yates, TQ Lead at LR, says: "LR has worked on the TQ approach with a number of its clients here in the UK and across Europe involved in oil and gas and also renewable energy provision to validate their technology goals in safety, reliability and availability. The methodology is not restricted to one type of technology or industry, but can be applied to any novel technology in any industry."
TQ was first published in 2014 and LR's latest Guidance Notes released to industry at Offshore Europe offer a 'best-in-class' methodology that takes into account the combination of novel technologies with other mainstream technologies that exist.
"The updated Guidance Notes simplify the assessment procedures of qualifying new technology," highlights Yates. "With risk assessments still an important factor in our framework, expectations – particularly in the early stages of technology development – have been reduced to a more realistic level. This puts our approach within reach of smaller companies who can now realise the benefits of TQ."
Other key changes to the Guidance Notes, include:
Enhanced explanation of how TQ can be applied alongside certification of mature technology
Emphasis on "Plain English", plus consistency of terminology and acronyms throughout
Explanation of how to apply TQ to services/processes other than traditional physical assets.
Yates says: "TQ is a critical means of developing innovative technology by reducing risk and building investor and regulator confidence. There are significant financial drivers too – particularly where it's applied at an early stage of development. Whilst LR is technology-agnostic, we are firmly on the side of safe and sustainable innovation so we're very pleased to share the updated Guidance Notes with industry at Offshore Europe."
You can find out more from LR on the TQ approach which is being promoted at SPE Offshore Europe 2017 event in Aberdeen, Scotland – UK, 5-8 September at Booth #2C121 or download your copy of the latest TQ Guidance Notes here.