Ivara Corporation Releases EXP V6.1 with RBI and Integrity Inspection Management

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Ivara EXP now a player in Asset Integrity & Risk Management software solutions

Ivara Corporation, the industry leader and innovator in asset performance management solutions, today announced advanced software functionality for Risk Based Inspections (RBI) and Integrity Inspection Management. The software is based on the American Petroleum Institute recommended practice, API 580 for Risk-Based Inspections, providing a cohesive platform to conduct consistent and structured risk analyses as well as develop inspection programs aligned with risk.

EXP provides a fully integrated RBI program for corrosion monitoring loops and corrosion circuits ensuring the safety and integrity of assets such as pipeworks, vessels and process systems primarily in the oil, gas and petrochemical industries. The module includes a plant asset register, risk based assessment and prioritization of failure modes, inspection planning and work package definition, inspection results storage/tracking/analysis, Integrity Operating Window parameters and excursion tracking as well as inspection interval updating, system audit, and a quality improvement process.

Sophisticated risk analysis tools evaluate probability of failure, as well as economic, health and safety, and environmental consequences of failure using direct assignment, simple, or detailed questionnaires. Ivara’s methodology is flexible in providing qualitative and semi-quantitative evaluations for determining the risk assessment. Risk results are used along with the confidence assessment and inspection factor to calculate the next inspection date; and corrosion rate calculates estimated remaining life. Risk analysis results are used to identify the type and frequency of the next asset integrity activity required.

“We are excited to offer an entire asset management solution for the Oil, Gas & PetroChemical industries, addressing both rotating and fixed assets in one single application, Ivara EXP Enterprise” said Paul Marshall, CEO, Ivara Corporation. “To ensure the success of our RBI and Integrity Inspection Management addition, we developed the software with the support and guidance of a large multi-national oil and gas leader and in compliance with regulatory requirements. Our customers now have the proof required for regulators to assess that their production assets are safe to operate.”

The Ivara RBI and Integrity Inspection Management software is available in EXP Enterprise Release 6.1, due out in January 2012.

About Ivara:
Ivara is the leader in asset performance management software, Ivara EXP Enterprise. Ivara EXP prevents industrial equipment failure, increases production and lowers costs for better business performance. EXP transforms data into real-time intelligence and helps plant and operations management make fast and accurate business decisions. Customers worldwide, representing a cross section of asset intensive industries, realize the benefits of EXP every day. For more information, visit http://www.ivara.com

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Sandra DiMatteo
Ivara Corporation
(905) 632-8000 x271
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