Growing its influence across the resources industry, RemSense Technologies (ASX: REM) has won a new contract from Woodside Energy for its virtual reality technology that produces ‘virtual plants’ that creates a photographic visual twin of a plant.
The Woodside contract is the third FPSO (Floating Production Storage and Offloading) vessel project awarded to RemSense in the last twelve months, reaffirming the Company’s position as a frontrunner in the field of virtual plant technology.
The contract entails the implementation of “virtualplant,” a cutting-edge technology developed by RemSense, to create a photographic visual twin of one of Woodside Energy’s FPSO vessels. This innovative approach promises to revolutionise the way companies like Woodside manage their assets, offering them a comprehensive and real-time digital representation of their physical infrastructure.
Scheduled to commence in the Q3 FY24, the contract is worth $246k, encompassing operational data capture and a 12-month virtualplant subscription.
Warren Cook, CEO of RemSense, said, “The award of this contract reinforces the strong relationship between RemSense and Woodside. It’s further evidence of Woodside’s recognition of the benefits virtualplant delivers to their business.”
RemSense’s proprietary virtualplant technology has been a tech disruptor in the resources industry. By digitising physical assets and creating a detailed, real-time visual twin, it offers numerous advantages to clients in terms of asset management, maintenance, and decision-making. This powerful tool has garnered significant attention and interest from companies across various sectors.
In FY23, RemSesnse reported $2.1 million revenue with virtualplant subscriptions and support revenue accounting for $1.5m.
Despite a net loss of $3m primarily due to lower revenue, the Company was comfortable with a cash position of $789k as of June 30, 2023. The main use of cash has been directed towards product development, including the enhancement of virtualplant technology, and the acquisition of state-of-the-art scanning, drones, and camera equipment.
RemSense Technologies’ latest contract with Woodside Energy marks a significant milestone in the company’s journey towards revolutionising asset management and digital twin technology.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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