RemSense Technologies Ltd (ASX:REM), a technology solutions company with a focus on digitally generated virtual twin technology, has secured a contract valued at around $500,000 from AGC Industries Pty Ltd on behalf of Chevron (NYSE:CVX) Australia to undertake virtualplant scanning of Chevron’s Gorgon LNG Train 2.
The contract follows a successful virtualplant scanning of Chevron’s Wheatstone platform and is scheduled to be completed this year.
“The contract award is a major achievement for RemSense,” managing director Steve Brown said.
“With a significant period of virtualplant product development and integration with our global partners substantially complete, we are now seeing the results of this work with a number of prospects being discussed across market sectors.”
New contracts and innovation patent
Apart from the new Chevron deal, RemSense has been awarded two other contracts to be completed this year.
Global industrial technology company Oceaneering has contracted the company to provide data capture and asset visualisation through the virtualplant platform.
The work will support the plant life extension for the Triangle Energy Cliff Head platform.
Infinite Green Energy, a leading renewable energy company, has also contracted RemSense to support asset visualisation for the Arrowsmith green hydrogen project.
While the revenue opportunities from these contracts are not of particular note, the company believes they demonstrate emerging opportunities for RemSense and its digital twin solution.
“It is pleasing to see virtualplant and our data capture services starting to generate traction in the emerging green hydrogen industry in Western Australia,” RemSense chief digital officer Anthony Roe said.
“Virtualplant has application in any industry that operates remote assets either existing or new, as shown by these recent awards.”
REM has also been buoyed by an innovation patent grant from the Commissioner of Patents for patent 2020104485.
It covers the virtualplant’s core features and is titled “An asset visualisation system”.
The patent is valid until April 3, 2028, and was originally submitted by Woodside. RemSense acquired the rights when it acquired the background virtualplant intellectual property (IP) from Woodside on July 18, 2022.