RemSense Technologies Ltd (ASX:REM) has been a awarded a virtualplant contract with a total value of $206,000.
The agreement with Fluid In Motion on behalf of Perth-based IAS Group (a UGL company) will see REM provide virtualplant services to create a photogrammic digital twin of an FPSO (Floating Production Storage and Offloading vessel).
This is the first time RemSense will have delivered a virtualplant on an FPSO. These types of assets are used within the oil and gas industry and REM will be hoping to expand its footprint within the maritime industry.
What is virtualplant?
Virtualplant is a photographic asset visualisation platform that fulfils the promise of VR/AI technology as a digital representation of plant assets (digital twin) that integrates with existing business operations and asset management systems to deliver greater productivity, increased safety, and reduced cost.
Validated virtualplant
The contract includes operational data capture and a SaaS agreement for an initial one-year period. The work is scheduled to be completed in January 2023.
The provision of virtualplant includes the oil processing and offtake facility as well as the marine vessel.
RemSense managing director Steve Brown said of the award, “The contract award is another significant achievement for RemSense.
"This first virtualplant application on a seagoing vessel validates the flexibility of virtualplant for use in the commercial shipping and marine operations market sectors.”