Reducing OPEX

Digital twins: reducing OPEX and preserving business continuity

May. 29 2020 - 5 min

The arrival of Covid-19 and the fall of oil prices have put many offshore projects on hold. Offshore owners and operators are working to reduce OPEX during this uncertain time, while preserving business continuity and making smart long-term decisions.

Optimizing costs with digital twin technology

Digital twin technology is an innovative solution that has gained increasing traction in the offshore industry. While many owners have 3D models of their assets available from the design stage, few are exploring explore their cost- and time-saving potential during the Covid-19 period.

Bureau Veritas’ Veristar AIM3D digital twins provide owners and operators an interactive, up-to-date view of asset condition that can be accessed from anywhere in the world. This allows offshore actors to make informed decisions based on the latest data, regardless of location, at a time when most people are working remotely.

Veristar AIM3D offers continuous access to crucial information, allowing asset managers to develop reliable, cost-efficient maintenance and operational scenarios using condition-based monitoring and reliability-centered maintenance.

Inspectors and maintenance teams can also benefit from Veristar AIM3D, using the consolidated platform to make short-term decisions to optimize maintenance and repairs. Digital twins store all information concerning asset history and activity, allowing in-house or external inspectors to develop an asset-specific approach to maintenance.

Veristar AIM3D allows users to take a risk-based approach to maintenance, using a consistently updated model of their assets and business to optimize integrity management and improve safety. This in turn can help owners to save money on on-site or remotely conducted inspections while maintaining compliance.

A jump-start for data protection

Veristar AIM3D was developed in partnership with Dassault Systèmes, whose software provides strong cyber security measures. Owners and operators benefit from a unique combination of a best-in-class software platform and Bureau Veritas’ asset integrity management expertise.

This is crucial for asset owners, as cyber security will shortly be a major topic for the maritime industry. In January 2021, IMO’s cyber regulations will come into force for ships. Offshore operators will take their cues for this framework to define cyber safety and security measures, including for digital twins storing sensitive data.

Veristar AIM3D helps keep assets compliant, and our experts can help clients develop cyber safety and security guidelines for both digital twins and physical assets.

A proactive step towards business continuity

While the future of Covid-19 and its effect on the offshore industry remains uncertain, the need for cost-optimized decisions and business continuity moving forward is clear.

For clients looking to integrate a digital twin into their daily operations, and reap the cost-saving benefits from design and construction, to operation, to decommissioning, Bureau Veritas is ready to help.

We are remotely bringing Veristar AIM3D to offshore owners, moving from contracting to implementation within a few weeks, so asset managers can handle the coming months with confidence.