Bureau Veritas and Athens Group reduce digital risksCompany News // April 25, 2016
With the challenging market conditions in the oil and gas industry set to last for some time to come, significant and permanent cost reductions and efficiency increases across the entire value chain will be necessary to bring down break-even prices for field development and exploitation. In order to meet this challenge, offshore services companies will need to focus on improving business processes and implement innovative new technology solutions.
Implementing technical innovations in automation and controls allows offshore service vessels to improve cost efficiencies while simultaneously enhancing operational capabilities. The application of smart technology and the creation of the Internet of Things will revolutionise risk-based design and operation of offshore assets, where reliability, availability and maintainability are key drivers to minimising the total cost of ownership. Realtime condition monitoring of structures and equipment using sensor technology will enable reliability-centred and predictive maintenance strategies, offering large potential cost savings.
As a result of this innovation, offshore service vessels have become increasingly complex and sophisticated assets with a high level of system integration. The growing use of computerized control systems and data analytics introduces new risks with regard to safety and performance. It is becoming increasingly clear that control system and system integration testing – verified by an independent third party applying systems hazards analysis techniques to identify risk and assess risk mitigation measures – is needed to ensure safety, reliability and dependability.
Bureau Veritas and Houston-based Athens Group have developed a joint service to address this need from a safety, operational performance and cost efficiency perspective. The combined competency and track record of both companies brings value to clients seeking to emerge stronger from the market downturn and to capitalize on the opportunities offered by the digital era of the offshore energy industry.