45 ANNUAL REPORT 2022 STRATEGY & OUTLOOK GROUP CEO REVIEW Asset Lifecycle Management at Yinson In Yinson, we recognise that we need to embrace change by optimising data and technology utilisation in harmony with a continuously developing organisation. We have adopted ALM to safeguard the integrity of our assets through a foundational strategic framework, ensuring our assets utilisation is being optimised for its intended use from a lifecycle perspective. FYE 2022 has been a year of substantial development in Yinson. Through an enhanced data governance, data collection and management platforms, data visualisation and intelligence, data structure and quality, and digitised solutions for sharing and learning, our own lifecycle efficiency models have been developed, which looks at environmental cost in parallel with our monetary models. Forming partnerships and collaborations to drive technology and industry development puts us on track to meet our goal of becoming a best practice ALM organisation by 2026. yinson’s alm journey and goals TECHNOLOGY HIGHLIGHT Yinson Future State Vision aligned with corporate strategy Building block and milestone priority plan established Detailed improvement plans established for all assets Launch of interactive dashboard Strategic focus of ALM established Professional ALM organisation achieved for all assets ALM culture established in support of Yinson’s long-term strategies Continual Improvement 2020 2021 2023 2025 During the lifecycle of an asset, creating a digital representation of a physical object or a system can be time consuming, involves high costs and there is a high tendency for marginal errors during data collection. Strategising and evaluating the benefits for which objects and systems to replicate digitally is key to optimise its intended use and utilise it as a tool for maximising return on investment. Using data science to integrate digital twins with IoT, Artificial Intelligence, Machine Learning and data analytics becomes a powerful tool for bridging the digital and physical world enhancing asset optimisation, predictive capabilities and informed data-driven decision making. Current deployment Yinson has established systems together with industry leading companies that ensure processes for collection and presentation of both real-time data and static data (1D, 2D, 3D), data management, data quality assurance and data structuring for both existing and future assets. Presently, Yinson has established real-time data collection and digital twin representation onshore for all our operating vessels. Structuring and combining available data together with cutting edge technology provides visual representation of our assets on several platforms, including full 3D representation and virtual reality visitation. Advantages • Direct access to data for support functions. • Optimising operations reporting by replacing manual processes with fully automated processes. • Foundation for optimisation of operational performance. • Performance feedback to business development and engineering for design optimisation of new projects and assets. • Active performance and reliability monitoring as foundation for future predictive modelling and analysis. Concept illustration of an FPSO digital twin Data collection & digital twin representation
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