Leading asset management solutions provider Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) further solidified its spot in the oil and gas sector Tuesday with the launch of its newest AssetCare solution.
The company’s new solution has been dubbed the “3D Digitial Twin” and uses high-precision 3D laser scanners to create digital replicas of facilities.
The solution was developed with Universal mCloud’s oil and gas, petrochemical, and pipeline customers in mind and comes along with a suite of capabilities designed to use 3D models to streamline fieldwork, eliminate unnecessary field visits, and minimize facility downtime.
The 3D Digital Twin creates a “connected facility” where all teams can rely on a single 3D model for the operation, care, and maintenance of a site. The 3D scans created in deployment will be virtual replicas of a facility, with every physical aspect being captured in perfect detail.
“AssetCare’s new 3D Digital Twin solution enables teams that manage oil and gas facilities to get access to reliable, trustworthy 3D data about their sites,” explained mCloud’s Chief Product Officer Dr. Barry Po. “With 3D, these teams can take work practices that used to take weeks or days down to hours or minutes.”
Universal mCloud expects the rollout of its latest AssetCare solution to be quick and has already begun onboarding its first 3D Digital Twin customer in Alberta. Additional customer engagements are in the works as well.
The company’s current AssetCare customers, including the six oil and gas facilities that signed up on July 22, 2019, are already seeing 300% improvements in their maintenance response times through initial connectivity and the addition of 3D Digital Twin will likely add further value.
Universal mCloud’s 3D Digital Twin
Universal mCloud’s new 3D Digital Twin tool has the capability to completely revolutionize how oil and gas assets are managed, streamlining processes, removing unnecessary visits, and minimizing downtime.
The solution allows an entire facility to be examined on demand through 3D virtual walk-downs, which reduce the need to deploy teams to the field and is especially valuable for sites that are in remote locations that are difficult or expensive to visit. It also allows teams to accurately document the current state of facilities and keep documentation up-to-date as conditions change.
Its precise 3D measurements calculate down to a fraction of an inch to prepare and plan for Management of Change operations before activities commence on-site, giving teams the opportunity to get straight to work and minimize the time usually needed to conduct site surveys.
It also links critical performance and operational data in 3D to every asset in the facility, providing teams with a convenient visual interface to monitor the performance and health of all process assets.
But perhaps the most appealing aspect of the 3D Digital Twin solution is that operations and maintenance teams can access its data from anywhere and at any time via AssetCare Mobile on the hands-free RealWear HMT-1 and HMT-1Z1 as well as on the desktop, smartphone, and tablet apps.
Universal mCloud aims to connect more than 150,000 oil and gas assets in the next five years, and 3D Digital Twin is positioned to play a key role in the company’s rapid adoption plan.
MCLD stock reacted favorably to the news on Tuesday morning, going up 1.23% to $0.41 CAD on the TSX Venture Exchange. The company’s share price also increased by 0.65% to $0.31 USD on the OTC by 12:30 pm EST.
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