RemSense Technologies Limited (ASX:REM)

RemSense is revolutionising the way asset-intensive industries and their employees access, collaborate, and interact with their globally distributed assets through their visualisation platform, virtualplant.'

This platform was initially developed by RemSense for Woodside Energy to help its employees and contractors become familiar with dispersed facilities. Virtualplant has evolved over the years, becoming an invaluable solution for reducing the need for on-site visits, enhancing safety, and lowering costs.

Virtualplant is a high-resolution, visual twin of your assets that can integrate with existing enterprise management systems and corporate and operational technology platforms. It provides a visual collaboration platform that is accessible anytime, anywhere, on any device. Virtualplant simplifies collaboration across teams, contractors, and partners.

Visualise your projects with precision without ever setting foot on site.

RemSense drones and high-resolution cameras provide their clients the ability to make well-informed decisions, remotely. They are a trusted drone operator in Australia, for both onshore and offshore inspections. RemSense has focus on safety and efficiency, delivering quicker and smarter results.

Providing

• Asset inspection
• Water sampling
• A variety of aerial surveying and mapping capabilities
• Aerial photography and videography

CASA Certified to fly:

1. Heavy lift
2. Multi Rotor
3. VTOL
4. Fixed Wing
5. FPV
6. At Night
7. VLOS
8. EVLOS
9. Dangerous Goods, Incendiary Dropping Over or Near People
10. Over Populous Areas

Ensuring operations will be

Safer: By reducing the need to work at heights, within confined spaces or in hazardous environments.

Faster: Capture and process data from large areas or inspect difficult to reach structures far quicker than traditional methods.

Smarter: Autonomous and semi-autonomous tools, paired with machine learning and powerful AI to generate richer, easier to use and interpret data sets.

Background

RemSense was entrusted with the task of developing a specialized visualization platform, uniquely tailored to the needs of the operator. The core objective was to create a platform that empowered operators to examine remote assets in exceptional high-resolution detail. The operator had previously explored a range of digital twin and visualization solutions but found none that perfectly aligned with their precise requirements.

Contract revenue: $246,440, including operational data capture and a 12 month virtualplant subscription.

Challenges

The development of the visualization platform presented specific challenges that needed to be addressed. Chief among these was the demand for a secure, high-speed, and hardware-independent solution. Ensuring that the platform was readily accessible to the entire company, including external contractors, while maintaining robust security, posed a set of unique challenges.

Solution

With this brief, RemSense developed virtualplant, which utilises and extends the established photogrammetry platform of Matterport to asset management & industrial applications.

Results

Following the successful implementation of the virtualplant platform on multiple offshore platforms and onshore facilities, the platform’s use cases, user base, and its tangible value have consistently expanded.

Today, virtualplant stands as an indispensable tool within Woodside, substantially enhancing safety, efficiency, and productivity.

RemSense Technologies has significantly expanded its relationship with Chevron through a series of contracts that leverage its virtualplant platform to deliver advanced, AI-driven photogrammetry and digital twin solutions. Key points include:

• Multiple Contract Awards in Australia: RemSense received two purchase orders—totaling approximately A$1.07 million—from AGC Industries Pty Ltd on behalf of Chevron Australia. These orders cover high-resolution photogrammetry scanning and image processing for Chevron’s Gorgon LNG Train 1 and Wheatstone LNG Train 2 in northwestern Australia, with work commencing in October 2024. This follows the successful completion of six previous projects at various Chevron facilities.
• Expansion into the USA: Under a global services agreement, RemSense secured a second contract with Chevron Global Services Corporation to provide similar high-resolution scanning and image processing services at an offshore production facility in the USA. This contract, valued at around US$66,790 (approximately A$97,500), is scheduled for completion by November 2024.
• Wider Global Engagement: Additional contract expansions—cumulatively valued at over $800,000—cover projects not only in Australia but also in South Asia, reinforcing the growing global trust in RemSense’s technology and streamlining project initiation by eliminating the need for separate contracts for each project.

Together, these contracts highlight Chevron’s increasing reliance on RemSense’s innovative digital asset visualization solutions, which aim to boost productivity, enhance safety, and reduce operational costs in the energy sector.

Strategic Partnerships

• Chevron Expansion:
  • Q1 FY2025: Secured a U.S. offshore contract ($66,790) and South Asia projects ($235,780).
  • Q2 FY2025: Northwest Australia contract ($707,750) and South Asia expansion ($104K).
• Woodside Energy: Three FPSO digital twin contracts since 2023 ($700K cumulative).

Technology and SaaS Transition

• virtualplant Enhancements:
  • Launched virtualplant Air for drone-based inspections (Q4 FY2024).
  • SaaS subscriptions now account for 60% of contracts, driving gross margins to 63.96%.
• R&D Pipeline: Beta testing vDetect for automated corrosion monitoring.

Geographic and Sector Diversification

• Americas Entry: U.S. offshore contract marks first operational foothold.
• Critical Minerals Focus: Drone-based water sampling for BHP and Newmont’s Boddington Gold Mine.

Governance and Cost Controls

• Leadership Restructuring: CEO Warren Cook appointed Managing Director (June 2024), aligning strategy with growth.
• Cost Optimization: Reduced personnel costs by 30% via automation and suspended director fees until September 2024.