Mtell, an asset performance management (APM) system that offers historical and real-time operational and maintenance data using industrial artificial intelligence and machine learning, will allow the companies to "enable global enterprises to improve the performance of their manufacturing and facility assets" that can enhance Wood's performance consulting capabilities.

Wood has historically been known for its independent asset performance consulting as well as its engineering services.

"Wood has an extensive understanding of the performance optimisation needs of our clients and realised a unique opportunity to provide a solution to help enhance asset productivity and identify potential issues well ahead of time," said Wood intelligence operations VP Prabu Parthasarathy.

"The value of predictive and prescriptive maintenance is much more than simply predicting failures on large rotating assets," Aspen APM general manager and SVP Greg Mason added.

"Companies that are truly focused on eliminating safety and environmental incidents tied to machine failure, in addition to avoiding production losses, understand the need to have a comprehensive predictive maintenance culture throughout the entire plant. This requires an analytics technology that is scalable, resources needed to deploy to scale, and the expertise to lead change management."