Critical Areas to be Aware of for Efficient Floater Operations throughout the Lifecycle of the Asset

Abstract This paper investigates the critical areas at every stage in the lifecycle of the floater that may have been overlooked by classification bodies as well as owners and operators. These areas result in compromise of safety, integrity and operational capability leading to direct costs and opportunity loss costs, from cost for revenue deferment, repairs, third party engagement and risking the reputation and integrity of the COMPANY. The findings reveal the primary cause of breach in critical areas is the lack of a check and balance mechanism that should be imposed by owners and operators of the floaters to Classification deliverables instead of completely depending on Classification Society. Certain optional certification by Classification Society should be made mandatory to avoid such failures. Based on research and analysis of past floaters’ failures, a set of floaters’ integrity and assurance guideline should be developed and adopted by owners and operators to ensure safety, integrity and operational capability is always maintained and continuously monitored throughout the lifecycle of the Asset. Investigation on a number of case studies was conducted by collecting various data at all phases of the project (i.e. development, front end engineering, detail engineering, construction, transport and installation, hook up and commissioning, operation and maintenance, and decommissioning and demobilization & preservation). This paper emphasizes the need for Classification Society, owners and operators to conduct mandatory internal reviews, as a form of check and balance to avoid instances of overlooked critical areas. Ensure cohesive decision making by classification society, owners and operators of floaters to circumvent instances of overlooking the identified critical areas resulting in hazardous work environment and revenue deferment that have caused operators to be accountable and owners to be responsible. The Floaters’ Integrity and Assurance Guideline should provide an accountable process for all phases of the project throughout the life cycle of the asset.