UK engineering and consulting company Wood is developing a new offshore inspection solution that is claimed could create A$2.8 billion (US$2 billion) in annual savings for the offshore energy industry.

The Augmented Machine Vision Solution (AMVS) was developed through a 12-month A$288,600 partnership between Wood and National Energy Resources Australia (Nera) — a not-for-profit company funded through Australian government grants and matched by industry and stakeholder funding.