Our operating performance | Asset monitoring and sustainment We enable our customers to make the right decisions about their assets and infrastructure, whether its optimising efficiency and effectiveness, or ensuring that their operations are safe and sustainable. Rising global energy prices, heightened energy security concerns, and a growing focus on renewable energy sources has shaped the market during this reporting period, presenting both complex challenges and new opportunities for our future growth. A surge in renewable energy markets – wind, wave, and tidal power – support our ambition to transition our services into these growing sectors. While the asset types have shifted, our core value proposition of delivering real-time situational awareness, increased reliability and OPEX reduction through cutting-edge asset measurement, modelling, and data digital tools remains. Navigating this landscape is not without challenges. Escalating inflation and rising costs have led to consolidation among our customers, partners and competitors. In addition, while national government support for viable renewable energy options remains unwavering across all regions, regulatory, infrastructure, resource and financial hurdles have slowed progress in certain areas. Nonetheless, we actively pursue new ventures in solar, wind, and pumped hydro storage. Performance We achieved remarkable success during the reporting period. Our expertise in sophisticated offshore monitoring systems has led to several major project awards, with key customers – including Oxy, EXMAR, Shell, Murphy, BP, and SOFEC – who continue to place their trust in us for critical asset measurements and insight. Our commitment extends far beyond installation; it’s a life-of-field partnership. Our dedicated field services team conducts annual service visits, ensuring optimal system performance throughout the asset’s life. These visits cover a comprehensive range of services, from equipment inspections to data analysis. Proactively identifying and resolving potential equipment or structural failures minimises downtime and optimises operational efficiency. Reliable data forms the bedrock for customers’ operational decisions, and we have continued to support our key Gulf of Mexico customers with data management, analytics and hurricane reporting services. Onshore, we’ve actively supported customers in assessing mechanical damage to pipelines and identifying hazards to pipeline integrity due to geotechnical changes and accidents. Collaborating with external partners, we’ve worked on research and development projects, addressing risks associated with transporting different products across the existing infrastructure. This support is critical for facilitating the energy transition to alternative fuels. Additionally, we have seen a rise in activity supporting ageing and legacy mining machinery assets, where helping our customers to extend asset life and sustain performance requires meticulous engineering development to guarantee safe and effective execution onsite. Our contributions extend far beyond routine operations, as evidenced by our regular and prominent participation in global technical symposiums and conferences throughout the year. These platforms have allowed us to influence and shape industry thinking, address challenges, and explore more novel and sustainable solutions. Strategy and organisation We have built on valuable customer feedback to develop new offerings around the delivery of digital platforms and data services this year. Our underlying value to asset operators is provided through our expertise in the reliability and longevity of measurement, our data infrastructure, structural analysis and metocean analysis capabilities. How we go to market with our digital tools in the future is being re-shaped around a more consultative approach to ensure that we fully understand our customers’ challenges and deliver the platforms that meet their specific needs. We launched our offshore wind campaign focussed on presenting an integrated, full life cycle service offer to a newly forming energy sector. By combining our environment, offshore engineering, digital, and naval architecture services we are able to offer our customers a unique service, across the life cycle of the field. We want to build long-term relationships with wind farm developers We provide high-value independent engineering and design services to customers in the energy sector. BMT Group Ltd | Review of performance 22-23 10
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