Lloyd's Register (LR) announces the first phase of its new global strategy for its energy business to reposition the professional services portfolio for growth through the energy transition, with an enhanced focus on providing solutions for their clients across increasingly complex operations and infrastructure.
The transformation is being led by David Clark, recently appointed as LR's new global energy director.
"LR has continuously evolved its energy business in parallel with changing client needs and market demands," says Clark. "The emerging recovery of the oil and gas industry and the more evident renewables sector provides LR with the opportunity to reposition our business."
"Our new strategy moves our portfolio away from markets that have become commoditised and consequently we will not offer all the services that we have historically. We are adopting an approach that leverages the depth of our technical expertise and embraces digital and commercial innovation to provide business-focused solutions," highlights Clark. "For our clients, this means we will be better placed to help them maximise efficiency gains, manage operational performance, control their cost base and improve how risk is managed."
LR will retain its capability from reservoir to refinery, and from concept to decommissioning, whilst offering a more focused portfolio of technical consultative services in both existing and new geographical markets.
Leading into the digital future
LR's digital products are a natural evolution of our professional services propositions. Established solutions such as the company's reservoir data interpretation software has long enabled clients to cut through their data noise to improve decision making. The recently launched LR AllAssets, is a unique Asset Performance and Risk Management (APRM) software solution with proven methodologies and advanced analytics to help clients mitigate business risk and optimise asset and plant performance. The nuclear sector benefits from LR's RiskSpectrum software, the most comprehensive, proven solution on the market, helping clients precisely calculate and manage operational risk and reliability.
Clark says: "Our digitally enabled solutions have played a significant part in helping our clients realise efficiency improvements. A key aspect of our new strategy is continuing to develop this capability through collaboration and co-creation, allowing us to add more value to our clients' projects and operations. This is the era of the digital twin, connected assets and predictive analytics, and our proven solutions cover the entire life cycle. I'm excited about what we're bringing to our clients and the market."
Transforming with the energy transition
LR is committed to being part of the climate change solution, helping clients to reduce their carbon footprint. Clark believes this is achievable through a broad range of solutions, from renewables integration to carbon capture, all of which require skills sets and expertise directly transferrable across the offshore energy sectors.
"Continued diversification is key for our growth and to meet the challenges of a shifting energy mix. As LR further extends its footprint in the renewables sector, we will apply our understanding of complex regulatory environments from multiple sectors to help our clients with the advancement and integration of their energy development, storage and distribution projects."
Shaping the future
"Our purpose remains resolute - working together for a safer world," highlights Clark. "In all areas of the energy mix, throughout the supply chain and across the globe, LR will continue to support its clients through the complexity of tomorrow's market challenges, providing the technical confidence and credibility they will need for improved business performance as new energy sources are developed."
LR's full strategy for its energy business will be unveiled in the coming months.
Clark began his appointment on 14 January 2019. He has led business operations for major international organisations including Aker Solutions, Schlumberger and Wood with a 30-year career in the energy sector.