Lloyd’s Register Acquires RTAMO Ltd in Move to Provide Cutting Edge Data-Driven Solutions for Reducing Maintenance Costs
Lloyd’s Register (LR), the global engineering, technical and business services organisation, has acquired RTAMO Ltd, a software enabled consultancy based in Aberdeen which provides cutting edge data-driven solutions designed to reduce maintenance costs for asset owners.
Murray Douglas, Lloyd’s Register’s Strategic Project Director said: “At this critical economic time of low oil prices, asset owners are seeking better ways to maximise value. RTAMO – Real Time Adaptive Maintenance Optimisation – enables this to be done safely and sustainably by enabling asset owners and operators to tailor their maintenance strategy and preventive maintenance plans to suit their specific commercial needs.”
Recent maintenance optimisation projects conducted using RTAMO on more than 20 offshore facilities for major international operators and mid-cap operators have delivered savings in maintenance costs of up to 30%. Projects to date include Maersk, BG Group, Shell, Centrica storage.
“Using this software-enabled service to manage our customers’ maintenance burden will significantly reduce costs while demonstrating safe and responsible operations,” said Douglas. “Company directors are very aware of the need to operate their assets safely and sustainably. Now, the RTAMO approach not only demonstrates the highest possible standards in relation to safety, but enables improved economic performance by eliminating unnecessary waste.”
Dr. Neil Arthur, now Head of RTAMO within LR, said: “We are delighted to be joining LR and believe it’s the ideal platform to bring our knowledge and technology to a wider market. RTAMO technology is cloud-based, allowing rapid deployment through LR’s global footprint and local presence, so optimisation benefits can be achieved almost immediately.”
“Our methodology and software supports all phases of asset life – design, operation, tail end life and decommissioning. It’s also evidence-based, which has an advantage over conventional maintenance planning. It is sensitive to commercial factors such as commodity price, mean time to failure and cost of planned versus corrective maintenance. The very fact that we take people out of a hazardous environment has a direct impact on improving safety.”
The RTAMO acquisition is the latest investment by LR to drive data and digital innovation solutions for clients. In June 2016, LR announced its collaboration with Silicon Valley-based greenfence – the first platform technology serving the Testing, Inspection and Certification (TIC) marketplace.
Nial McCollam, LR’s Chief Technology Officer said: “This is an important step in building global software solutions that create value for our customers. We’re bringing together all of LR’s existing commercial software activities to provide a suite of integrated solutions. Our global technology and innovation team is also developing a range of innovative data and digital solutions, such as remote presence inspections, cyber-security, additive manufacturing and asset lifecycle management, harnessing and developing the capabilities within our Global Technology Centres in Singapore and Southampton.
“RTAMO has been developed for the upstream offshore oil industry where maintenance costs are high. The same methodology and software is equally applicable in other high risk, capital intensive industries – such as refining, petrochemical, renewables and shipping. Along with LR’s reputation for independence and integrity, this is an ideal opportunity for RTAMO to make a significant economic impact and improve reliability and safety for our customers.”
Lloyd’s Register (LR) is a global engineering, technical and business services organisation wholly owned by the Lloyd’s Register Foundation, a UK charity dedicated to research and education in science and engineering. Founded in 1760 as a marine classification society, LR now operates across many industry sectors, with some 9,000 employees in 78 countries.
LR has a long-standing reputation for integrity, impartiality and technical excellence. Our compliance, risk and technical consultancy services give clients confidence that their assets and businesses are safe, sustainable and dependable. Through our global technology centres and research network, LR is at the forefront of understanding the application of new science and technology to future-proof our clients’ businesses.
RTAMO provides cutting edge maintenance and integrity management services and solutions. This technology underpins efficient delivery and combines the power of maintenance management data with commercial optimisation algorithms to deliver lowest total cost of asset ownership.
For more information on RTAMO go to: http://info.lr.org/rtamo