First centralized data platform for efficient and collaborative development of offshore energy projects

Project Information

FieldTwin

Grant agreement ID: 876696

DOI

10.3030/876696

Project closed

EC signature date 6 September 2019

Start date 1 August 2019

End date 30 November 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

FUTUREON AS
Norway

Periodic Reporting for period 1 - FieldTwin (First centralized data platform for efficient and collaborative development of offshore energy projects)

Reporting period: 2019-08-01 to 2019-11-30

Summary of the context and overall objectives of the project

Fieldtwin is a digital twin and asset planning tool to enhance decision making and collaboration on large capital projects in the offshore energy industries. FutureOn currently market the Field Activity Planner software for the asset planning stage in offshore oil and gas projects. The objectives for this project were to evaluate the technical and commercial feasibility of developing FieldAP into a multi-industry, full lifecycle software solution and to develop a roadmap to market for the final product. Tasks included researching and defining the new verticals to incorporate into the product, defining the market potential and executing a financial analysis to evaluate profitability and required investment.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

1. Evaluation and definition of priority new verticals for Fieldtwin. A full market need, market landscape and value proposition compatibility analysis was conducted, to review optimal growth sectors to pursue. Decommissioning and Wind Energy were identified as key targets for development.
2. A roadmap to market including a detailed technical development plan was established. A 24 month project of 5 work packages has been defined for a total budget of €2.7M
3. Market analysis of key sectors, market trends and TAMSAMSOM potential has been defined.
4. Financial analysis has demonstrated the need for further funding to support the development project but with a highly profitable outcome from new verticals of €15m additional revenue by 2025 (40% of total fieldtwin) and an ROI of 6.5.
5. Business plan has been defined with detailed commercial strategy and growth plan.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Fieldtwin can revolutionize the planning process for large, complex offshore energy projects. Currently multi-disciplinary teams and joint ventures must rely on a complex system of individual specialist software silutions and spreadsheets to build and share their field models and planning scenarios. Fieldtwin will provide a single, cloud based solution, pulling all relevant data from critical downstream applications. This will deliver rapid access and insight to consistent and accurate project data and modelling, rapidly accelerating decision making (by 40%), reducing project risk and improving project NPV by up to 8%. This real value will be felt throughout the value chain, critically reducing cost and environmental risk for hazardous decommissioning projects and enabling faster growth of the offshore wind sector.

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