FORESIGHT

The aim of this Forny 2020 project is to catapult, Foresight, the product of the recently established start-up, Machine Prognostic AS, into the European market by proving the concept of a completely autonomous machine monitoring and prognostic system in real world conditions. The Foresight system is composed of hardware (i.e., sensors) and software (i.e., analytics) that allow asset owners (e.g., ship owners, drilling contractors, etc.) to obtain real-time information about the current and future health condition of their critical machines (pumps, cylinders, compressors, top drives, electric motors, winches, etc). By providing early warning of machine failure, Foresight, will enable machine owners to significantly reduce the total cost for maintenance over the equipment?s lifecycle. According to Frost & Sullivan (2015) and the U.S. Department of Energy (2010), the installation of a reliable autonomous machine monitoring system, such as Foresight, can lead to 30-50% reduction in maintenance costs, 70% elimination of breakdowns, 30% increase in performance, and 45 % downtime reduction. Foresight is a new generation of online machine monitoring systems. It has a totally autonomous and automated diagnostic engine that fuses information from different types of sensors inputs (e.g., acoustic, vibration, etc.) and predicts the asset?s remaining useful life. Our claim is that we may have developed the most versatile and accurate diagnostic engine in the world, yet this claim has to be confirmed outside of the laboratory were our tests were performed. Through the test pilots planned in this project we aim to prove the concept of Foresight and establish a track record that will allow Machine Prognostic AS to demonstrate the financial and technological benefits of Foresight to prospective customers. The ambition level for the proof of concept of the present project is very high. We aim to validate a completely automated decision support tool for maintenance operations.