IoT in the OSV Sector
Authors: Vedat Kris 
Published: November 2020

The maritime industry is facing a period of major disruption, with its effects not confined to the physical world. Even before the COVID-19 pandemic, recent years saw our industry experience extreme instability, with global oil and gas markets declining. We have seen increasingly unpredictable Brent prices, and the oil and gas services sector has suffered significantly. This has resulted in a structural change to the market, which in turn requires the industry to rethink and reinvent the business model. This means reducing costs and challenging the status quo and establishing more of a partnership with clients to add value through distinct, more tailored services and solutions. A critical factor in this is the implementation of digital technology and the use of data as a direct business enabler.

The realisation that digital tools and technology have the ability to impact client relationships, business models and vendor relationships is one that P&O Maritime Logistics (POML) recognised early. Despite our status as a historical business, with over 180 years of maritime history under our belt, we are also a business that looks to constantly improve and deliver a difference which drives value across all seven continents. When others see barriers, POML sees opportunities, and none appear larger than the opportunities presented by embracing the digital revolution.

Whilst the maritime industry has traditionally lagged behind some other industries in the application of technology, and there was no doubt in our minds that the time is right for a change and to disrupt conventional ways of working. To achieve this, P&O Maritime Logistics (POML) has invested heavily in systems to collect and process data in real-time from our offshore operations, while also connecting our offshore and onshore personnel as we expand our fleet. Such measures remove the need for many manual processes, empowering our offshore organisation and creating long-term cost efficiencies. As we navigate the COVID-19 pandemic and beyond, a core focus for our business will be the further optimisation of offshore logistics for energy companies, with technology at the heart of this.

We are aiming to move up the value chain in the global energy industry through a growing portfolio of cost-effective and innovative services. As our clients' demands evolve, we are adapting our service-led offering to stay at the forefront of industry needs and remain as the preferred provider of marine logistics services and solutions. We have increased our focus on providing end-to-end digital logistics solutions and have proven our ability to deliver large-scale, bespoke services, in collaboration with our customers and partners.

The Offshore Support Vessel (OSV) survivors of the recent downturn included those organisations that were willing and able to make changes to reset their businesses and strategies to suit a new market. Any transformation is challenging, and changing the mindset of our entire organisation as well as protecting the bottom line can put significant strain on an organisation. A key differentiator is the embracement of IT as a direct business enabler. Digital is disrupting companies from their service offering through to their operations and maintenance. From customer dashboards providing real-time insight into the state of their operations, to the use of Internet of Things (IoT) to learn more about the state of our vessels, and moving IT to a driver of both the top line and of cost reductions.