Lloyd's Register Energy has been shortlisted for the top ONS Innovation Award 2014 for its work in offshore drilling.
The company's nomination recognises its work on sensor applications in tension risers, which improve the safety and operational performance of deep-water drilling.
Lloyd's Register Energy business development senior vice president Simon Reeve said: "This is a significant achievement. These awards identify excellence and celebrate the achievements of technical expertise and innovation from across the world.
"We are proud to have been recognised at this level, where the future of the international oil and gas industry depends increasingly on its ability to develop new technologies."
The company said marine riser tensioner systems (MRTs) are an important component of offshore drilling platforms.
MRTs maintain an upward tension on the riser and make changes for the drilling platform movements.
The riser tensioner system compensates for the drilling platform's upward and downward movements with the waves.
Lloyd's Register said the riser pipe does not buckle with downward movement or pull apart with upward movement.
Reeve said: "Failures in MRTs can result in costly downtime and lost production.
"Traditional monitoring systems are often unable to detect wide variations in total system load that can be indicative of trouble ahead.
"This solution contributes to a better understanding of current operations, improved foresight, and a higher level of confidence in offshore operations."
Lloyd's Register Energy recently won the Supply Chain Excellence Award from the Energy Industries Council and Hart's E&P 2014 Meritorious Award for Engineering Innovation for its work in other offshore drilling innovations.