CHARLESTON, SC - Life Cycle Engineering (LCE), Inc., announced a partnership with OSIsoft to offer predictive analytics and intelligent asset management solutions for the oil and gas industry. The partnership was established to develop a customized risk-based asset management system that is based on algorithmic prediction analytics for real-time asset health monitoring. The solution responds to a need in the oil and gas industry for executives to quickly identify rig vulnerabilities that may lead to risks to the environment, safety of employees or financial threats to the organization. The solution will offer a visual dashboard that displays oil rig performance, health and location in real-time with remote accessibility.
OSIsoft and LCE worked with a large U.S. drilling contractor to customize a solution that will realize value through managing risk and opportunity, in order to achieve an optimal balance of cost, risk and rig performance. With increasing regulations in the oil and gas industry set forth by agencies such as the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) and the United States Bureau of Safety and Environmental Enforcement (BSEE), companies are embarking on a major asset management turnaround strategy and plan for protecting the environment and safety of employees. The recently released Asset Management Standard, ISO 55000, further solidifies the significance of implementing a plan to mitigate catastrophic asset failures. LCE worked with the drilling company and OSIsoft to create risk-based equipment maintenance plans to be deployed with real-time asset health monitoring of drilling rigs.
“We’re very pleased to announce our efforts with OSIsoft, said Mike Poland, Vice President of LCE’s Asset Management Services. “Our clients have been asking about an integrated, real-time asset health monitoring system for executives for a while, and this partnership is going to deliver on that request,” said Poland. “The solution will enable our customers to avoid catastrophic equipment failures that have significant financial, environmental and safety ramifications.”