Asset Vulnerability and Life Extension Study
Client: Energy producer
Asset: Offshore oil and gas platform
Project Objective: To understand the viable options for extending the life of an offshore crane to exceed its initial design life and fully comprehend the engineering, reliability, maintenance, spares, and economic impacts this would have for the business.
Challenge faced by the client
The operators existing crane had past initial design life and because it is an expensive and disruptive operation to change out the crane, a decision must be made to either repair/update or replace the existing crane.
To make this decision, a vulnerability assessment of the existing crane was required to provide an unbiased and comprehensive evaluation of the ongoing risks and associated businesses cases for 3 credible scenarios:
- Replacement of existing crane within 5 years
- Continued operation of existing crane for 15 years
- Continued operation of existing crane for 25 years
The study required us to provide mitigation plans for each credible scenario and ensure the study content was approved by all stakeholders so a risk-based decision could be made.
Why they chose us
- The client required a 3rd party independent view and unbiased recommendation to make an informed decision on their strategy
- As an existing customer, they knew our knowledge and capabilities in being able to help companies make good business decisions
- We have both a technical and business management understanding that technical companies, who are focused on the best technical solution, do not have.
- This study required the ability to interpret the technical data, which was the technical report from the manufacturer, and put it in the context of the businesses engineering, safety, reliability, maintenance, spares, and economic resources to provide a holistic view of the options to make a well-informed decision
What we did
- Data gathering from all key stakeholders and vendors
- Engineering, reliability, maintenance, spares, and economic analysis on each option
- Vendor meetings
- Company reliability, operations, maintenance, vendors, and technical authority personnel meetings
- Vulnerability workshops with all key stakeholders
- Delivery of interim report
- Final risk workshop with all key stakeholders
- Report finalisation and delivery
The value we delivered:
Stakeholder engagement facilitation and management
Multiple stakeholder engagement and workshop facilitation to document the facts and credible threats from all relevant stakeholders from the following functions:
- Reliability
- Operations
- Maintenance
- Vendors
- Technical authorities
A cross-party agreed report and life-extension recommendations
A mutually cross-party agreed report that was used to present to senior management for an investment decision to be made detailing the impact of the 3 potential options:
- Cost and manpower implications
- Risks mapped against current and future operations
- Mitigation actions for each scenario
- Recommended short-term and long-term action plans
What we did
Clarity on risk profile
Clear picture of risks and the associated mitigation plans
Understanding of investment benefits
A clear overview of any benefits associated with investment into each option
A clear strategy
Providing a clear path ahead by knowing exactly what to do next (e.g., buying spare parts)
Full transparency of the effort required
Understanding the effort required to ensure all risks associated with each option are managed
A final decision
A decision was made on way forward after numerous years of debating options
Recommended immediate improvements
A list of recommended immediate improvement actions to assure the safety integrity of the crane, regardless of the option chosen