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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
spotlight

FutureOn Only Digital Solution Provider to Win 2019 OTC Spotlight on New Technology® Award

By | FutureOn Today

Some consider the Spotlight on New Technology® Award from Offshore Technology Conference (OTC) to be the ultimate international recognition of offshore technology. Industry leaders recognize it as one of the energy industry’s most coveted awards that recognizes the most innovative and meaningful technology for offshore development’s future.

FutureOn®, the only digital solution provider recognized as a 2019 OTC Spotlight on New Technology® Award recipient, is being recognized for our cloud-based, collaboration application FieldAP™. The award ceremony will be held on May 6 at 4 p.m. central at OTC outside Exhibit Hall B in NRG Center in Houston.

Innovative winner!

When we developed FieldAP two years ago, we envisioned the technology’s potential impact on the industry. Our core team and co-founders – all experienced entrepreneurs and senior professionals within visual design, software development and oil and gas – worked closely with offshore industry insiders to create a platform that not only visualizes field data in 3D but also integrates legacy engineering systems through its robust API, enabling data transparency and easier adoption by field development teams transitioning their workflow processes into the digital era.
To have been recognized with this honor is a testament of the industry’s shared belief in FieldAP’s potential to revolutionize how we plan and build offshore fields. The secure, intelligent application unifies data from disperate project data streams as well as from IoT sensors data to enable workflow transparency and accurate data visualization. This type of transparency leads to greater teamwork and smarter decision-making by project teams.

What’s next for FutureOn?

None of this would be possible without our forward-thinking customers, some of the leading operators and service providers in the sector today. Early adopters have recognized the many benefits FieldAP and our digital platform FieldTwin™ provide to offshore projects long before the industry recognized FieldAP with the Spotlight on New Technology Award. We thank our customers for their continued partnership as together we pave the way for a more efficient, more risk-secure, and more data-driven digital energy future.
We continue to work closely with customers to develop additional applications pertinent to pipelines, marine planning, improved workflow processes, operations and safety. FutureOn will continue to work to solve real industry problems, and create never-imagined opportunities for better subsea fields today and beyond.

About the Spotlight on New Technology Award

Vetted by a panel of subject matter experts, the judges carefully scrutinize Spotlight on New Technology Award submissions. “Each Spotlight on New Technology Award submission is reviewed and rated by several subject matter experts, providing a sound and fair scale” said OTC 2019 Board of Directors Chairman Wafik Beydoun. “This year more than 450 ratings were submitted, and the best of some incredible submissions were chosen. We are very proud, at this special Golden Anniversary of OTC, to present these 18 Spotlight on New Technology Award outstanding winners.  They are proof that the highway of the future in offshore development is being paved by innovations.”

Book a demo today to learn how award-winning FieldAP modernizes the field planning process.

Man Adrift on Data

Big Data Boosts Oil and Gas Risk Management, Operational Intelligence

By | FutureOn Today

The oil and gas industry’s risk management will continue to improve, as it embraces emerging technologies and big data analytics. By converting, analyzing, and reporting sensor data from IoT devices into FutureOn®’s FieldTwin™ platform, the industry is well poised to deliver massive results in improvements to the way risk is managed offshore, thereby increasing operational intelligence.

How so?

FieldTwin™ is a cloud-based platform technology that brings all project stakeholders and project data together into a collaborative digital workspace for rapid decision making. FieldTwin gives an operator the ability to create a managed digital ecosystem of assets as well as provide controlled access to any relevant content to any potential partner from early-phase bidding to operations.

Operational decisions determined through the IoT sensor data coming in from offshore equipment will become the norm to keep operations and workers safe by shutting down operations in case of abnormality and to prevent risk to workers and environmental disasters.

Currently, the oil and gas industry is at varying stages of big data and analytics adoption; but, by introducing analytics and more flexible production techniques such as these, the industry can boost productivity by as much as 30 percent, according to a big data technology strategist at Wipro.

The IoT sensors generate and report vast quantities of data every second, which makes it critical that the receiving platform can process the information quickly, a capability made possible by FieldAP™ a FieldTwin™ platform application.

The first step to a digital safety consciousness is to contact FutureOn to learn more about how FieldTwin™ can visualize different forms of project and expert data in context to enhance operations, while keeping workers and the environment safe from harm. Contact us to learn more about how you can see and do more.

Engineer-Digital

How to build a digital strategy for the energy company of the future

By | FutureOn Today

Implement a platform that manages data, integrates into existing systems

We hear time and time again from our customers and technology partners the importance of building a comprehensive and collaborative digital strategy to adequately process offshore data. To build a solid digital strategy, companies must define business objectives and goals, prioritize initiatives and implement sophisticated data management systems to make better business sense of the data.

We have found that the most forward-thinking companies embrace FutureOn®’s FieldTwin™ and FieldAP™ as the data management platform to drive a company’s digital strategy forward.

Tap unused data

Without FieldTwin or FieldAP in place to evaluate the data from robotics or Internet of Things (IoT) sensors, the value of the data is lost. In fact, Forrester Research estimates 60 to 73 percent of enterprise data goes unused for business intelligence and analytics because engineers cannot possibly manage the data without a sophisticated digital management software to handle the influx.

Without a comprehensive platform, engineers and project managers are given the impossible task to scroll through large volumes of data to identify patterns and catch real-time problems. FieldTwin and FieldAP are designed to identify discrepancies on the spot, enabling teams to make better business decisions and improve workflows quickly.

The secret sauce is data visualization. Through the power of data visualization, engineers examine multiple possibilities in minutes rather than days, weeks or months required in years past. FieldTwin and FieldAP enable teams to see more about their assets from every vantage point and every point in time real-time 3D/2D digital simulations. Visualizations allow engineers to explore more ideas, more rapidly, in collaboration with colleagues all around the world.

Integration into existing systems

In our experience, it’s best for companies to implement a platform that can be easily integrated into current systems. FieldTwin plugs into existing expert systems, so engineers don’t have to close out of FieldTwin to open flow simulation software. Instead, engineers simply open the flow simulation software or other engineering software in an iframe within FieldTwin.

While a digital strategy might vary between oil and gas companies, the name of the game for most is to maximize production and minimize downtime.

Contact us today to discuss how FieldAP and FieldTwin can support your digital strategy.

offshore-crew-in-silhouette

Digitalization’s Role in the Great Crew Change

By | FutureOn Today

Retirement parties seem to be more common than new hire luncheons in the oil and gas sector as the industry evolves through what it calls the Great Crew Change – the retirement of thousands of mature, highly experienced and knowledgeable workers.

Companies go to great lengths to bridge the talent gap by hiring younger workers, veterans, and folks outside the industry. Baker Hughes, the oilfield services company, runs a mentoring program for young engineers, while ExxonMobil has spent $2.6 million on workforce training initiatives in the Gulf Coast over the last decade.

But how do companies prevent a retiree’s asset and project knowledge from also walking out the door?

Smart companies are investing in cloud-based technologies such as FutureOn®’s FieldAP™ and FieldTwin™ to capture and maintain asset data in one place, breaking up the traditionally siloed data streams that only a handful of engineers might access. These technologies offer real-time data from design concept to decommissioning, and the data is accessible to anyone in the world with permissions, indefinitely. The platform never plans for retirement, taking all the asset knowledge with it.

Smarter use of talent

Digitization not only helps preserve that knowledge but also makes better use of its stretched engineering talent as a result of tighter operating budgets and lack of experienced talent for hire. The smartest and most future-focused, long-term-profit-driven companies implement digitalization strategies to drive higher and better thinking from their engineering talent while meeting the business imperative of providing value to bring in revenue.

“Everybody that’s going through the process of downsizing their business right now is faced with this extra complication (looming retirements),” said Bob Sullivan, a management consultant for New York-based AlixPartners, at a 2018 industry roundtable. “Decisions that get made right now on how you right-size the company are going to have a huge impact when the market turns.”

Upskill talent

Studies show digitalization can also help boost engineer satisfaction and improve retention rates because workers are more eager to upskill into the new roles created through digitalization, according to Stephanie Rogers, managing director at Accenture. “We have conducted research which shows that workers are very interested in developing new skills to have greater digital capabilities,” she explained at a 2018 industry roundtable. “Where companies aren’t offering training opportunities, workers are taking the initiative to go out and find the education themselves.” That could include finding new jobs with employers embracing the digital era of energy.

As we navigate through the Great Crew Change, digitalization will propel the industry forward by capturing knowledge before it retires, support talent in their current and future roles and provide company recruiters with an additional lure.

Contact FutureOn today to preserve asset knowledge and make better use of your talent acquisition and retention strategy.