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Darrell Knight

FutureOn

Watch: How To Visualize Your Digital Twin Journey

By FutureOn Today

How To Visualize Your Digital Twin Journey

FutureOn’s VP of EMEA, Andreas Gaarder recently spoke at INFRAWEEK Middle East & Turkey. His talk ‘From concept to operation: How to visualize your Digital Twin journey’ addressed:

  • How FutureOn can drive collaboration by providing an open visual collaboration platform; and
  • How digital field development projects can lead to large gains in project NPV.

Watch the talk here. (Registration required).

Futureon

FutureOn Secures Investment from the Bentley Acceleration Fund for Oil & Gas Digitalization

By FutureOn Today

FutureOn Secures Investment from the Bentley Acceleration Fund for Oil & Gas Digitalization

Gains commitment from global infrastructure software developer to advance next generation of digital twin solutions

OSLO – 19 October 2020 – FutureOn, the fast-growing Norwegian software company that works with an expanding portfolio of global energy companies, announced today that it has secured an investment from the Bentley Acceleration Fund and established a strategic partnership with US-based Bentley Systems to accelerate the digitalization of the oil and gas industry.

FutureOn and Bentley Systems (Nasdaq: BSY), the infrastructure engineering software company, will combine FutureOn’s award-winning field design application (FieldAP) and its APIcentric collaboration platform (FieldTwin) with Bentley’s iTwin platform to provide customers a next-generation digital twin solution capable of driving design methodologies in upstream  project development for the next decade. Both FutureOn and Bentley platforms use open web standards to facilitate complex integration and customization, and the combined offerings are already being implemented in exploration and production workflows.

“This is a significant milestone for FutureOn which will greatly drive the growth of our business by extending its reach,” said FutureOn CEO Paal Roppen. “Also, while we will work closely with Bentley we will maintain our neutrality as an independent software vendor with a clear mandate to provide our customers a fully open and standards-driven digital platform. This flexibility supports our customers’ desire for remote collaborative decision making at a critical time for the oil and gas industry.”

FutureOn emerged from the highly respected 3D visualization agency Xvision with over 20 years of visual engineering experience specifically in the oil and gas subsea domain. In 2019 FutureOn’s FieldAP received the OTC Spotlight on New Technology Award for best software innovation in the oil and gas industry. Most recently, the company has launched the cloud-based data platform FieldTwin, which offers centralized API integrations to many of the leading engineering simulation and data analysis tools. When combined with FieldTwin, FieldAP enables cross-discipline remote collaboration for design and development of subsea digitaltwins.

“FutureOn has grown quickly and taken an industry-leading position in very short time thanks to bold moves like this,” added Roppen. “Today, digitalization is more important than ever for the oil and gas industry as challenging market conditions persist. Innovative and disruptive technologies such as those we develop alongside Bentley will fill an emerging void.”

“We are excited for this new opportunity to collaborate with FutureOn to provide advanced digital twin technology for the oil and gas industry, and especially for the addition of subsea expertise,” said Ken Adamson, Bentley vice president, design integration. “Combining our design, modeling, and analysis experience with FutureOn’s data management and visualization acumen to help build subsea digital twins will enable our users to further enhance their engineering performance, operations and profitability.”

For more information about FutureOn, its FieldTwin platform or the company’s work with Bentley Systems please visit www.futureon.com.

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About Bentley Systems’ Acceleration Fund Bentley Systems’ Acceleration Fund was founded in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Bentley Systems Acceleration Fund is chartered to accelerate the creation and curation of digital twins, and to foster technologies and innovations so enabled, by nurturing new ventures, making minority investments, and acquiring and expanding digital integrators. Investments to date include Digital Water Works, Digital Construction Works, Virtuosity, and The Cohesive Companies. Chief Acceleration Officer Santanu Das welcomes queries from potential ecosystem participants at www.bentleyaccelerationfund.com.

About FutureOn

FutureOn is an agile young Norwegian software company with a passion for innovation and a head full of creative ideas. They bring along a bench of smart thinkers who have been providing appealing visual content to the oil and gas industry for many years and have now turned that creative ability into a software platform. That platform called FieldTwin is changing the way oil and gas engineers are seeing their whole world and collaborating in ways they have never even considered in the past. For more information, please visit www.futureon.com.

Media Contacts:

FutureOn
Morgan Moritz
Pierpont Communications
+ 1 512 745-2575
mmoritz@piercom.com
offshore

Digitalization speeding delivery of complex subsea concepts

By Editorial

Source
Digitalization advances are helping engineering contractors design subsea field concepts in one-fifth the time taken by traditional project planning methods.

Developments in robotic process automation, Internet of Things (IoT) sensors, analytics and cognitive technology are increasingly addressing the industry’s problems of accessing data, converting data across expert systems, and visualizing data for offshore field layouts. Emerging technologies (sometimes called Industry 4.0) are transforming the way engineering, procurement, and contracting (EPC) companies conduct business by generating more field concepts in a much shorter time and eliminating inexact options. This is being accomplished using real-time data uploaded into the cloud to visualize the fields and run computations from a single source of data.

Compare this to the traditional approach. The basic bidding process would capture brainstormed ideas from engineers on flip charts and in PowerPoint and convert them into visuals via Visio, Corel Draw, and MS Paint. Then an outsourced engineering house would turn these documents into Computer Aided Design (CAD) files, with the drawn-out process stunting the EPC firms’ ability to meet tight design schedules and implement late changes quickly.

Cloud-based technologies such as FutureOn’s FieldAP and FieldTwin represent the next-generation of subsea project planning, bringing real-time data into plain sight through easy-to-use 2D/3D visualization in a collaborative web environment. Two key components that are revolutionizing the oil and gas bidding process are data visualization and data management, which allow greater collaboration, speed the design concept process, enable more meaningful decision-making, and reduce overall costs.

futureon

Screen shots showing different field development options.

FASTER PRE-FEED

The visual rendering of complex real-time data streams increases an engineer’s responsiveness because the human brain processes images 60,000 times faster than it does text. Data visualization advances allow engineers to conceptualize, build, and approve pre-front-end-engineering design (FEED) field concepts three times faster and help engineers manage engineering IoT sensor data and risk management more effectively during operations.

Data management makes sense of the enormous influx of IoT sensor data and identifies discrepancies, leading to better business decisions and improved workflows. The work can be done more rapidly in collaboration with colleagues (both inside and outside of the company) and around the world, since everyone works from the same pool of real-time data housed in a single place. Furthermore, FieldAP and FieldTwin create a space within the engineering process for creativity without negatively affecting progress and allow solutions to evolve through a collaborative effort as opposed to the siloed approach of the past.

While global demand for oil and gas has created tight work schedules and, over the past year, an excess of projects to complete, tighter operating budgets have forced companies to rely on fewer employees in the immediate term to meet this growing work demand. The smartest and most future-focused, long-term-profit-driven companies have responded by exploring digitalization strategies to drive higher and better thinking from their engineering talent, fulfilling the business imperative of providing improved value to bring in revenues.

EPC companies design useful early concepts of offshore oilfield projects that are then handed off seamlessly to the construction teams and oil and gas operators to construct and maintain all in a matter of weeks, as opposed to the previous months, because teams can now produce from the same single data platform.

futureon

REDUCED COSTS AND TIME

It has become the standard operating practice for oil and gas industry to find new ways to reduce expenses in uncertain times. The oil and gas industry is now looking for new tools as well as new approaches to budgeting, forecasting, and reporting.

Typical digitalization approaches involve significant upfront expenditure. Deploying IoT devices, SMART sensors, and robotic tools require expensive new equipment purchases, employee training, and retrofitting of existing systems, and the return on investment can be difficult to assess. However, it is possible to pursue a more efficient and immediate digitalization strategy by investing in instantly implementable data-driven solutions that improve work processes and increase data accessibility and usability. FieldTwin deployed in real-world fields can reduce pre-FEED time and investment by as much as 60%, bringing a return on investment more quickly.

Contractors savvy enough not to feel threatened by digitization are deploying technology such as FieldAP to deliver faster delivery of more detailed concepts, including design options that give their customers choices they typically would not see at each stage of a project.

McDermott now uses both FieldAP and FieldTwin to build 2D and 3D fields directly in a collaborative web environment to rapidly produce many more concept designs for multiple fields that include essential information, such as flowline data. The company is developing concept proposals in 20-30% of the time taken previously for this process and can respond quickly to questions from operators and partners by accessing critical data directly.

The additional smart functionality of digitalization eliminates the pre-FEED CAD work during the proof-of-concept stage and the need to hire an outsourced engineering firm; an outsourced team of four drafters, working for two to three weeks, can cost up to $40,000.

As a result, field development enters FEED with a single, well-defined option with major design issues decided, risks and uncertainties understood, and the cost estimate, budgets, and schedules clear. Recently, McDermott designed and delivered four early design concepts to an oil and gas operator using FutureOn technology. Previously, the company’s team would likely only have produced one design because of the limitations of traditional design methods.

Darrell Knight

Darrell Knight.

THINKING AHEAD

If executives can harness the right technologies to support their business strategies and make better use of existing technology, there could be serious returns: up to $1 billion in cost savings or production increases, according to McKinsey. And the World Economic Forum has suggested that the digital transformation in the oil and gas sector could unlock $1.6 trillion of value for the industry.

So, industry futurists are saying that in the new era of energy, companies must move quickly to capitalize on this unique opportunity and stay competitive. Forward-thinking engineering companies that use these technologies can win more bids in an increasingly competitive environment in which operators expect engineering companies to absorb the field concept costs. Progressive engineering firms can now load accurate real-time data from real-world coordinates to build field concepts more rapidly, cost-effectively, and confidently with precise field options and real-time cost analysis.

The digitalization of offshore assets can seem like a leap into the unknown, but companies that make that leap begin to recognize how digitalization can empower them to accomplish more, particularly in making more profitable and prompt decisions in the field. There is now an eagerness to learn how using smart, cloud-based digital solutions to address daily decision-making challenges. Companies throughout the supply chain can see the competitive advantages that digitalization brings and are acting quickly to ensure that they do not get left behind.

FutureOn® Launches FieldTwin™ for Smarter Offshore Field Development and Operations

By Press Releases

30/04/2019

FutureOn® Launches FieldTwin™ for Smarter Offshore Field Development and Operations

FutureOn® Launches FieldTwin™ for Smarter Offshore Field Development and Operations

HOUSTON – (April 30, 2019) – Offshore drilling sees a resurgence with billions planned for investment in new greenfield developments. Digital strategists in the oil and gas sector see the opportunity to leverage new projects to introduce new, more transparent digital workflow processes into their operations. The industry frontrunner in the offshore digital space, FutureOn, today officially launches its digital twin platform FieldTwin, a cloud-based platform which enables the digital twin of the subsea field from first concept to first oil and beyond. FieldTwin digital data visualization of the offshore field allows for smarter, more collaborative, and efficient field planning and operations – getting companies to first oil faster.

“Forward-thinking companies understand the tremendous opportunity of Big Data analytics to gain a competitive advantage and deliver greater value from their significant investments offshore,” said Paal Roppen, chief executive officer of FutureOn. “FieldTwin visualizes and centralizes data into a single source to increase collaboration, increase transparency, reduce costs, speed timelines and improve operations.”

FieldTwin:

  • Builds field architecture around a single source of truth thus improving collaboration between project teams and lowering risk;
  • Improves project workflow and data transparency, while protecting proprietary information;
  • Integrates IoT sensor data into a visual context dashboard for real-time monitoring of equipment statuses, well flow-rates, production values, vessel locations, and engineer tasks;
  • Streamlines previously unmanageable and underutilized data streams through 2D/3D visualizations;
  • Reduces installation timelines;
  • Secures data through Cloud security systems;
  • Connects artificial intelligence and historical data to well-planning, drilling, installation and operations to improve field layouts and concept selection.

“Our E&P customers eventually want to unman the platforms, and remotely monitor and maintain their offshore operations and assets,” Roppen continued. “FutureOn’s FieldTwin allows all stakeholders to now see more than ever before — the same information, at the same time to make more impact on a project’s outcome and make more efficient decisions that save time, reduce errors and mitigate risk.”

In recognition of the company’s impact on transforming traditional workflows in the oil and gas industry, the Offshore Technology Conference (OTC) has named FutureOn, the producer of FieldAP™— a FieldTwin platform application, a 2019 Spotlight on New Technology® Award recipient. The Spotlight on New Technology Award showcases 18 of the most advanced technologies that are leading the offshore industry into the future. OTC will present the award to FutureOn on May 6, 2019 at its annual conference, one of the best-attended in the sector, in Houston, Texas.

FutureOn will present in collaboration with McDermott and Siemens at their booths at OTC to demonstrate how FieldTwin is being leveraged currently by forward-thinking clients and partners’ digital strategies to empower their digital strategies.

For more on FieldTwin, visit us at OTC in Norwegian Pavilion at Booth #4438.

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About Xvision Software
Headquartered in Oslo, Norway with a U.S. office in Houston, Xvision Software is the only technology company offering a visual collaborative platform for the energy industry called FieldAP to digitize operations in a rapidly changing market. For more information on Xvision and FieldAP, visit: visit: www.futureon.com and connect with us on Facebook, LinkedIn, and Twitter

Digital Experts to Speak at OTC on Digital Twin Technology Role

By Press Releases

19/04/2019

Digital Experts to Speak at OTC on Digital Twin Technology Role

Digital Experts to Speak at OTC on Digital Twin Technology Role in Offshore Development

Houston – (April 29, 2019) – FutureOn’s digital oil and gas experts will deliver a plenary session talk entitled “Model-Based Digitalization of Engineering Systems” at the 2019 Offshore Technology Conference (OTC) on May 6 at 10:14 a.m. central at in Houston, Texas.

Darrell Knight, executive vice president of FutureOn global accounts, and associate Thornton Brewer, digital communications and marketing lead, along with McDermott, a FutureOn customer, will present “Digital Twin Technology in the Field Reclaims Offshore Resources,” a discussion focused on advancements and case studies of digital twins, also known as virtual systems, in offshore development.

“Historically, upstream personnel strained to manage enterprise data housed in a variety of legacy tools and then effectively analyze it to make smarter business decisions,” said Knight. “The digital twin technology recoups the wasted time and associated costs of workers on the hunt for field data. Instead, the technology visualizes and manages the data in one place to refocus workers’ attention on more productive efforts such as identifying trends and ways to exploit the data.”

At OTC 2019, FutureOn officially launches its digital twin FieldTwin™, a cloud-based, comprehensive and secure platform that breaks up data barriers within legacy systems to create data transparency that allows greater collaboration and workflow efficiency.

FutureOn will also conduct demonstrations at McDermott’s Booth #2463 at 11 a.m. central and at 4 p.m. central on Monday, May 6, through Wednesday, May 8. The company will also play a continuous video demonstration at the Siemens Booth #4422 in the COMOS/XHQ Pavilion.

FutureOn is the only digital solutions provider to receive OTC’s 2019 Spotlight on New Technology® Award for FieldAP™ – a FieldTwin platform application. Visit FutureOn at OTC in the Norwegian Pavilion at Booth #4438. To schedule your meeting, visit calendly.com/otc-2019

# # #

About Xvision Software
Headquartered in Oslo, Norway with a U.S. office in Houston, Xvision Software is the only technology company offering a visual collaborative platform for the energy industry called FieldAP to digitize operations in a rapidly changing market. For more information on Xvision and FieldAP, visit: visit: www.futureon.com and connect with us on Facebook, LinkedIn, and Twitter

Image and caption: FutureOn®’s technology displays a 3D view of topside assets, subsea equipment and bathymetry data, along with reservoir and well-path data.

FutureOn Speaks at OTC