LR report finds operators could save by leveraging technology

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LR (Lloyd’s Register) released new findings revealing 40% of maintenance work carried out by FPSO (Floating Production Storage and Offloading) vessel operators is unnecessary. By reducing manhours, operators could save £600,000 per asset each year.

LR found that on average, FPSO operators could be spending 500 manhours per equipment group on maintenance activity that fails to reduce the risk of failure or preserve facility uptime.

The findings have identified room for improvement in the way maintenance is planned, highlighting the need for a consistent strategy across equipment groups, systems and production units. They identified that relying only on OEM (Original Equipment Manufacturer) guidelines meant that operators were unable to qualify whether maintenance activities were essential. OEM guidelines also don’t take into consideration the ever-changing nature of offshore operations.

As a result of this approach, there is an increased risk of failure as a backlog of maintenance is generated, increasing spend and inappropriately targeting resources.

“To break the cycle of ‘firefighting’, operators need to adopt a risk-based approach to maintenance,” said Victor Borges, LR’s expert on FPSO maintenance optimization. “By understanding the balance between the cost of failure and the cost of maintenance, operators can focus the right resources on the right equipment at the right time.”

Sue Terpilowski
Author: Sue Terpilowski