Now is the time to innovate and reimagine for resilient outcomes

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Since 2020, industry as a whole has seen significant disruption and change. Challenging market conditions have forced companies to focus on lowering their debt levels, reducing their asset intensity and remaining highly focused on returns,  freeing cash flow generation.

The oil, gas and chemicals industry has been one of the hardest hit by the pandemic, with energy and industrials revenues declining by 54% and 25% . On the other hand, demand for electricity has been predicted to grow seven times faster than other energy sources and the primary driver identified is the electrification of the construction, transport and industrial sectors.

As the global population increases, energy demand will continue to rise.  However, with nearly half of the world’s GDP under net-zero goals and ESG metrics influencing decision making for future investment, the world is requiring cleaner energy. As traditional oil and gas companies evolve and focus on making assets more efficient, sustainable and safer, it will be crucial to build resilience and unlock the true potential of data to reduce operating costs and expand financing to new energy sources.

Driven by the aftermath of the piper alpha disaster, I started my career in the early 1990’s as an engineering graduate delivering safe automation solutions to the oil and gas industry. Over the years, I’ve seen technology and project execution greatly advance with the future focused on the energy transition and embracing new digital technologies that will meet challenging client and policy ambitions, especially related to the UN sustainability goals. Nonetheless, the old paradigms are still true – reduce OPEX, increase reliability whilst improving margins. Wood can enable our clients to achieve all these KPIs utilising our expertise and solutions.

Through my time at Wood, I’ve had the privilege of helping deliver some of the largest automation projects in the world, and through our evolving transition, I have seen Team Wood create a more balanced portfolio in alternative energies and sustainable built environment solutions while maintaining our clear commitment to helping the conventional energy sector on their journeys. As I recently transitioned into my new role as VP of strategic pursuits, I look forward to working with clients to unlock solutions to their diverse challenges.

Now is the time to innovate and reimagine to create sustainable and resilient outcomes for our clients utilising the best in digital technology. We can enable an array of sectors to help navigate the changing technology landscape and reap the benefits of Industry 4.0 driving growth, efficiency and sustainability with intelligent eco-systems and digital solutions.

It is increasingly challenging to develop the right digital strategy and identify the right technologies and solutions that can support and deliver value – where to invest, and what to invest in, to build a business case for transformational investment and then ensure business value is delivered. By incorporating business objectives and operational realities, clients get an effective solution that can be rolled out quickly and seamlessly while protecting investment spend. Before engaging in development reployment, we provide a clear demonstration of the value of transformation to reduce the risk of change. We transform data into actionable insights enabling strategic decision making by leveraging artificial intelligence effectively into operations.

Accelerating the adoption of digital platforms, enhancing cybersecurity, data-driven insights, training people through simulation tools are only a few ways technological capabilities can build resilience for our clients. We have embraced an agile and iterative approach to accelerate time to value and reduce risk for operational transformation, as industries digitise. In my new role and next chapter of my career, I am excited to empower clients with these future-ready solutions, accelerating industry 4.0 adoption and collaborating  to enable a net-zero future.

Mark Siddle
VP Growth & Development Strategic Pursuits at Wood