Cenosco Announces Acquisition Of Shell’s Integrity Management System Software

Cenosco Announces Acquisition Of Shell’s Integrity Management System Software

At the start of December 2023, Netherlands-based asset integrity management (AIM) software provider Cenosco announced that it had acquired complete ownership of the intellectual property rights for the jointly developed Integrity Management System (IMS) from energy supermajor Shell. IMS is a cloud-based mobile solution that provides integrity, reliability and safety instrumentation capabilities.

In the Verdantix asset performance management Green Quadrant benchmark, Cenosco emerged as a Challenger based on IMS’s robust capabilities for risk management, asset integrity management and streamlining field operations. IMS excels in performing hazard and operability studies, layers of protection analysis, safety instrumented function design, safety integrity level assessment, and SIF test scheduling, helping users to manage the entire asset process safety life cycle, from design to maintenance. IMS also assesses failure predictions, equipment integrity and integrity operating windows through 3D visualizations, a risk-based inspection module and a degradation management framework. The IMS4Field mobile app integrates seamlessly with the IMS Suite, allowing real-time data ingestion, digital checklists and dynamic forms. The app operates offline – making it suitable for remote locations and low bandwidth zones such as refineries – and can integrate with a wide choice of systems and technologies including CMMS and EAM software for enhanced efficiency in field operations.

With the asset integrity market forecasted to nearly double from $260 million in 2022 to $510 million in 2028, at a CAGR of 11.8%, the acquisition of the IMS’s IP enables Cenosco to expand its current solution portfolio to cater to a broader set of industrial trends and needs.

“Cenosco's acquisition of IMS from Shell was driven by our ambition to establish a true SaaS company. This involves transitioning from a reactive to a proactive approach, through the establishment of dedicated product management teams and the engagement of a broader client pool to gather feedback and shape the product roadmap,” commented Cenosco CEO, Jan Poulsen. “While the firm will continue to focus on oil and gas and chemical industries, Cenosco plans for the gradual expansion into other asset-intensive industries including new energy.”

In the Verdantix 2023 operational excellence global survey, 65% of the 304 executives in operations, maintenance, engineering and process safety roles mentioned plans to increase spend on initiatives that improve asset uptime, reliability and integrity over the next 12 months. Meanwhile, 45% plan on investing in AIM software in the next 12 months. With innovation and growth at the forefront of its business, Cenosco is well-positioned to support industrial firms across their AIM journeys through improved safety and reduced risk. CEO Jan Poulsen concluded, "Cenosco's product roadmap encompasses adopting cutting-edge technologies such as AI, improving platform robustness, and elevating compliance, RCM and predictive capabilities. The long-term vision is to improve accessibility of IMS by developing a more modularised product that revolves around customer-driven innovation and increased market growth.”