RemSense Technologies Ltd

RemSense Technologies secured a contract from petroleum exploration company Woodside Energy (ASX:WDS) to create a photographic virtual twin of one of their floating production storage and offloading vessels.

The project, valued at $246,440, is set to commence in the first quarter of 2024.

The contract encompasses operational data capture and a 12-month virtualplant subscription, demonstrating the recognized value of virtualplant technology for Woodside's operations.

The latest contract is the third floating production storage and offloading contract awarded to RemSense in the past year.

In Q1 2023, RemSense Technologies (ASX:REM) began site work for virtual plant scanning across several of Chevron's key LNG assets, with a contract value of $2M.

The technology services company also renewed its annual SaaS contracts with Woodside Energy (ASX:WDS) and conducted site trials with Newmont at their Boddington gold mine.

RemSense says it's also pursuing 76 Australian based opportunities, valued at $15.6M, and plans to form global partnerships with major asset management software providers.

After raising $475,000 through a placement in March, the company aims to accelerate growth with its virtual plant technology.