Fidelity also found that institutional investors around the world expected markets and decision-making to become faster, accurate and more efficient as new technologies took hold.Nearly two thirds (62%) of respondents said they believed trading algorithms and sophisticated quantitative models would make markets more efficient, and 80% thought blockchain and similar technologies would fundamentally change the industry.Most investors said they expected to rely on AI in the near future for certain business functions: 69% of respondents said they expected to rely on AI for optimising asset allocation in the near future, while 67% foresaw themselves relying on the technology for monitoring and evaluating manager and portfolio performance and risk.Nearly 40% said they expected to use it to make custom portfolios without the help of asset managers.However, only 10% respondents told the researchers that they had already fully integrated the technology into investment processes.Paras Anand, head of asset management, Asia Pacific, at Fidelity International, warned that following new data sources or algorithms should not be done blindly.“AI is not capable of making investment decisions alone and more data can simply give way to the risk of mistaking mere noise for valuable insight,” he said. “But if carefully considered investors can embrace AI to enhance their process.”The survey respondents included pension funds, insurance companies and financial institutions with a collective $29trn (€25trn) of assets under management. Most institutional investors believe technological advances such as artificial intelligence (AI) and blockchain will transform the investment industry in the next seven years – but few have used them yet.After polling 905 investors from 25 countries, Fidelity Institutional Asset Management said its research suggested that institutional investors “appear to be at a crossroads in their understanding of how man versus machine will play out”.Its Global Institutional Investor Survey reported that 53% institutional investors believed technology would replace traditional investment roles.However, many said the human connection would continue to be important, with 60% believing AI would augment jobs rather than replace them.
Well-Safe Solutions has awarded two multi-million-pound contracts to continue the refurbishment of the Well-Safe Guardian, the decommissioning company’s first asset, into a bespoke plug and abandonment unit.Source: Global EnergyWell-Safe, which was launched in August 2017, agreed to acquire the Ocean Guardian semi-submersible drilling unit from Diamond Offshore back in April 2019. Well-Safe’s plan was to convert the rig into a plug and abandonment (P&A) unit.Global Energy Group and Rigfit7seas have been appointed to deliver the upgrade of the semi-submersible drilling rig, Well-Safe said on Thursday.Global Energy Group will provide quayside services and the paintwork scope while Rigfit7seas will provide accommodation upgrade services.Well-Safe is progressing with the refurbishment work on the asset which it acquired earlier this summer. As part of the upgrade, Well-Safe will be installing a dive system and the capability to deploy a SIL (subsea intervention lubricator).Phil Milton, Chief Executive Officer of Well-Safe Solutions, said: “The award of these contracts, within the timeframes we committed to, will ensure that this bespoke plug and abandonment asset will be available to the industry in 2020.”Global Energy Group, who has been supporting Well-Safe with marine operations and quayside services since April this year, following the acquisition of the asset, has secured the contract to support the upgrades and life extension works at the Port of Nigg.Stuart Paterson, Managing Director for Global Energy Group, Access & Coatings commented: “We are thrilled to have been awarded this contract to bring the flagship semi-submersible up to standard. Creating opportunity for additional employment, we expect to have in the region of 80 personnel engaged on various work scopes until the end of the year.“Working in partnership with Well-Safe, Global Energy Group will provide fully encapsulated scaffold access, blast and paint services along with the provision of rope access personnel, mobile cranes, plant and labor, workboats and onsite facilities for the duration of the rigs yard stay at our Nigg Energy Park facility.”Brian Knowles, Group Managing Director, Rigfit7seas said: “We are delighted that Well-Safe has chosen Rigfit7Seas to carry out this sizeable scope on their flagship project.”Knowles added: “The project award further enhances our already extensive offering in the international marketplace and, at peak, will secure around 50 jobs across our engineering and construction teams for approximately 100 days, starting immediately.”Milton added: “We believe we are now a key part of helping the industry achieve its 35% decommissioning cost reduction target. Joint well plug and abandonment campaigns, using our club approach will not only be more cost efficient, but also help build UK supply chain expertise in decommissioning.”Research has indicated there are over 33,000 wells worldwide to be decommissioned over the next twenty years. Well-Safe’s long-term goal is to export their model and advance from the UK into this global marketplace.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.