Wood and industrial software company Cognite have partnered to accelerate industrial transformation by creating AI technologies that will allow heavy-asset infrastructure and industry to achieve more connected, sustainable, and data-driven operations.
According to Mark House, President of Automation and Control at Wood, Cognite and Wood will use physics-based models and AI to provide analytics that drive increased profitability and sustainable industrial operations.
He adds that the partnership will combine Cognite’s technology with Wood’s process optimisation platforms such as Virtuoso, a suite of software tools for asset performance management. Additionally, the collaborators will combine Cognite’s flagship product, Cognite Data Fusion with Wood’s multisector domain knowledge, data extraction, and technology integration expertise, which Wood claims is proven to optimise productivity and performance.
Cognite Data Fusion is a software package that places operational data into context, at scale and in real-time, enabling asset-intensive industries to make data-driven decisions in upstream, midstream, and downstream. The technology will be used to transform isolated raw information into meaningful digital insights in real-time, enabling industry to make faster and better-informed business and operational decisions.
Cognite and Wood aim to deploy performance technologies that address energy transition needs. The collaboration is expected to enable greater understanding of existing assets and operations, freeing data trapped in fragmented and legacy systems.
by Amanda Jasi
The total contract value is approximately €430 million. The project scope of work entails complete engineering services, equipment and material supply, installation and construction activities and, as an optional part of the scope, commissioning and start up.
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