Page 18: of Offshore Engineer Magazine (Sep/Oct 2021)

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FPSOs MITIGATING LIFECYCLE RISKS

How to Reduce

Risk Across the

Lifecycle of Floating

Production Assets

Using digital transformation to mitigate risks and increase performance of offshore rigs.

By Greg Trostel and Roger Burnison loating production storage and offoad vessels (FP- ter than 99% uptime and, in some cases, very close to 100%.

SOs) are among the largest investment trade-offs But how can companies operating at these high levels of pro- an oil and gas producer will make. On the one ductivity, embrace digital technologies to maintain and even hand, these immense vessels offer the promise of optimize their existing operations?

exponentially increased production and storage For those producers embarking on new foating production

F fexibility over onshore counterparts. On the other, they come facility journeys or looking to upgrade existing ones, it’s time with a colossal price tag in terms of equipment, operations to shift gears and redirect the trajectory. A foating production and maintenance. vessel might be disconnected physically from land, but it can

According to a survey by McKinsey, projects in heavy in- still take full advantage of the latest developments in digital dustry sectors overrun their budgets and schedules by 30% to technologies and work processes. This article shares insight on 45% on average. The average engineering, procurement and a new end-to-end connected strategy that enables producers construction (EPC) project fares even worse throughout the to proactively mitigate risks and extract more value at every industry. Production is yet another challenge. Due to subop- stage of their foating vessel’s lifecycle.

timal operations, unplanned downtime and operational inci- dents, according to Rystad Energy, the upstream part of the FLOATING PRODUCTION-FACILITY CHALLENGES industry experiences approximately $500 billion per year in Before we drill into how to digitalize, let’s take a closer look deferred revenue globally. However, despite these industry sta- at the major challenges weighing down the operational effec- tistics, the more successful FPSO operators are achieving bet- tiveness of FPSOs.

18 OFFSHORE ENGINEER OEDIGITAL.COM