Japan’s Mitsui, Modec launch digital efficiency service

Japan’s trading house Mitsui & Co and its affiliate ocean engineering firm Modec Inc have launched a digital service to help improve the productivity of energy and other companies, aiming for sales of up to $100 million in five years.

The new company, called Shape, will detect early signs of glitches to reduce downtime and acting before a failure occurs to slash maintenance costs, Soichi Ide, executive officer at Modec, told Reuters.

The move comes as global oil and gas producers are looking to improve operational efficiency to increase output and therefore profit as they need to invest heavily in green energy to propel their future growth.

“The oil industry is moving towards decarbonisation, but it is important to improve the core business during the transition and we want to help that,” Ide said.