Life Cycle Engineering teams with OSIsoft on asset management (May 2014)

Algorithmic predictive analytics to leverage new ISO 55000 standard.

Charleston, S. Carolina-headquartered Life Cycle Engineering (LCE) has partnered with OSIsoft to offer predictive analytics and intelligent asset management solutions to the oil and gas industry. The new customized risk-based asset management system leverages ‘algorithmic prediction analytics’ for real-time evaluation of drilling rig vulnerabilities that may lead to blow outs and other risks. The solution includes a dashboard displaying current oil rig status and location. The system was developed for a ‘large US drilling contractor.’

Alongside the situational awareness function, the system addresses compliance issues driven by new regulations emanating from the National offshore petroleum safety and environmental management authority and the US Bureau of safety and environmental enforcement.  In response to these, companies are embarking on major asset management strategy revamps to protect the environment and safety of employees. ISO 55000, a recently released asset management standard underscores the importance of planning for and mitigation of catastrophic 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. More from LCE.

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