ROANOKE, Va., April 21, 2016 /PRNewswire/ -- Meridium®, Inc. (www.meridium.com), the global leader in asset performance management (APM) software and services, today announced that its APM software V220.127.116.11.0 is compliant with the new API RP 581, Risk-Based Inspection Methodology, Third Edition recommended practice that was announced on April 12, 2016. Trinity Bridge, LLC CEO Lynne C. Kaley, Master Editor of the Third Edition, partnered with Meridium to ensure full compliance with the latest standard.
Meridium's mechanical integrity offerings, which include Risk-Based Inspection (RBI) assessment, help organizations reduce uncertainty of risks to operations and avoid unexpected downtime or costly damage. One major change incorporated into the Third Edition of API RP 581 is the Probability of Failure (POF) calculation for thinning. The ar/t approach in the Second Edition was replaced by the limit state function that was the original basis for the ar/t table. By implementing a more quantitative RBI approach in Meridium's APM V18.104.22.168.0, Meridium ensures customers have an accurate estimate of risk and the necessary recommendations to plan for required inspection and maintenance.
"API codes, standards and recommended practices are developed by groups of industry specialists from major oil and petrochemical companies to create industry best practices that improve equipment safety and availability," said Ms. Kaley, who has been working with API since the early 1990s to develop RBI methodologies. "Meridium has been an early adopter of the changes to API RP 581 reflected in the Third Edition, and its Mechanical Integrity APM solution includes the first RBI software module that's been tested by an independent third-party and proven to reproduce the 581 calculations in this new Edition."
Meridium's APM product capabilities include quantitative risk calculations and inspection planning to manage the integrity of equipment throughout its entire lifecycle. The 581 risk calculator enables improved inspection planning by providing clear insight into how assets are performing, specific recommendations to improve asset performance and a timeline to avoid unnecessary shutdowns. By effectively quantifying risk, Meridium implements the changes as well as previous edition calculations of API RP 581 recommended practice to help industrial organizations achieve mechanical integrity excellence.
"As the leader in APM and mechanical integrity solutions, compliance with the third edition of API 581 is just one of many capabilities built into our world class solution," said Chris DeFalco, Director of Product Management at Meridium. "We value our customer's feedback, and through customer collaboration and certification by Trinity Bridge, we are able to extend enhanced mechanical integrity support to those who need it." Trinity Bridge is a Meridium Certified Services Provider for RBI and other risk assessment services.
Meridium is the global leader in asset performance management (APM) software and services for asset-intensive industries. Meridium increases the availability of assets, improves safety, optimizes cost and lowers risk for our global clients in more than 80 countries with more than 1,200 licensed sites around the world. Through our unique software developed in collaboration with our clients, we predict and prevent asset failures with intelligent asset strategies. Founded in 1993 and headquartered in Roanoke, VA (USA), with offices around the world, Meridium is the pioneer of APM and continues to drive innovation, leveraging the data from sensors, devices, systems and smart equipment to minimize unplanned events, incidents and downtime.
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SOURCE Meridium, Inc.