Asset Integrity Management (AIM) is the process of inspecting, measuring, monitoring, testing, maintaining and remediating operations throughout the life of an energy project from design through decommissioning.
With peak performance and optimization of assets as a key foundation for energy success, asset integrity management will be one of the most sought after services in the energy sector in the years to come. The global, asset integrity management market, is estimated to be at least 24 Billion USD by 2025. The energy industry dominates this market.
Sam Allen, Founder of ENAIMCO’s says, “With over 30 years of experience in the offshore industry, working with world-class engineers we are poised for great global gains. The mission is to provide a world-class subsea asset integrity management service with a focus on digital technology and the energy transition. ENIAMCO will achieve the vision by combining expertise from the province of Newfoundland’s oil and gas industry with expertise from the province’s rapidly growing tech sector to build a powerful capability that can be utilized by the energy industry globally. The paradigm shift that is taking place in the overall value of offshore asset integrity management (through cheaper, more accessible, more understandable data) will drive significant demand for asset integrity management products.”
Allen’s vision includes providing high-value jobs and contributing to the province’s energy and technology sector in the post-COVID digital world. They anticipate hiring between 10 and 15 new team members within the first six months of operations and ENAIMCO will grow to a company of 60+ people within the first five years.
Allen explains the corporate strategy, “The asset integrity management service is comprised of a series of ten discrete modules. These ten modules come together to form a full-service product: Asset Integrity Management as a Service (AIMaaS). Through this full-service offering, clients will be able to interrogate their cloud-based digital twin using their phone or laptop from anywhere in the world. They will always know and understand the health and the life expectancy of their subsea assets. They will be able to view a vast array of data and information through a contextualised interface with data recovery times measured in seconds.”
AIMaaS products will be of great value to the Newfoundland offshore energy sector by enabling the life extension of all of the existing fields, the larger market is global and ranges across the full spectrum of offshore energy production.
The oil and gas industry is looking for solutions to reduce costs and extend the life of assets. At the same time, oil and gas companies have been shedding technical jobs (and competency) in response to both the extended industry turn down and COVID-19, thus driving the need to outsource asset integrity management services. Hence the need for ENAIMCO.
Additionally, the offshore wind energy market is expanding rapidly. The wind sector has always been extremely focused on cost and AIMaaS products will be as applicable to offshore wind energy production as they will be to oil and gas.
ENAIMCO has entered into agreements with Newfoundland and Labrador companies GRi Simulations Inc. and ICI Innovations Limited to develop its digital twin technology. They are also collaborating with Kraken Robotics (data acquisition); Rutter (data acquisition); Frontier Subsea (engineering) and Pennecon (renewables and hydro). They expect to be adding several more local companies to this list in the coming months. They will act as a hub for Newfoundland and Labradorian companies, enabling their access to the subsea asset integrity market and their entry into the offshore wind energy market.
A positive spin-off of the COVID-19 pandemic is the realization that work can be performed from anywhere in the world. ENAIMCO located in downtown St. John’s is also virtually located in the energy corridor of Houston; the Seaport district of Boston; in Oslo’s “Silicon Valley” and on St. Georges Terrace, Perth WA.
Allen says, “We believe Newfoundland and Labrador is ideally situated to establish a centre of excellence for asset integrity management. The convergence of cloud technology and asset integrity management services ensures the storage of data in a remote location, with proper back-up, and allows operators to access this information from anywhere in the world.”
ENAIMCO’s AIMaaS products represent a strategic global market entry opportunity in the ever-growing renewables sector. Their ability to provide an end-to-end asset integrity management subscription service to routinely inspect, continually analyze and provide predictive analytics to allow cost-effective management of subsea wind farm assets will bring considerable value.
Allen explains the need to act now, “As digital asset integrity management is an emerging industry with a growing market share, there is a unique opportunity to enter the market early and establish a world-leading position – however, first-mover advantage is critical and the time to enter the industry and establish a presence with our world-class resource base is now.”
Allen says, “This initiative will help fast forward the trend toward autonomous surface vessels (ASV) and asset resident AUVs. As ASVs use a fraction of the fuel used by traditional survey vessels, there will be an associated reduction in GHG emissions. By using data-driven insights to foresee data-driven problems before they happen, our service will significantly reduce the total number of vessel intervention days required over the life of the field. We estimate that our AIMaaS service will result in a net reduction of OPEX offshore vessel days of 30%.”
ENAIMCO is led by an experienced leadership team with a strong record of delivery in the province. They are employing strong, like-minded individuals and we are all committed to establishing a world-leading subsea asset integrity management long-distance and headquartered in the province of Newfoundland and Labrador.
The Enaimco team is hopeful that they will be successful with their application for funding from the Newfoundland and Labrador Oil and Gas Industry Relief Fund as this will provide the first-mover advantage that is needed. Allen says, “We look forward to making Newfoundland a centre of excellence in the digital energy sector and would welcome the opportunity to meet with you and members of your team and answer any questions you may have.”
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