Risk-based asset integrity management for offshore floating facilities in Malaysia

Abstract

In today's competitive market asset integrity is a main concern to all enterprises especially for asset intensive offshore industries. For this purposes, the study was focussed to identify measureable asset integrity performance indicators, find the trend and gap of asset integrity practices within the industries and application to determine assets' integrity performance for offshore floating facilities. The study first discusses the general asset integrity management followed by requirements for performance indicators and its significance to offshore industries. Literature review revealed that the performance of asset integrity has not reached satisfactory level as the repeated incidents occur one after another in the offshore industry. As a result, the organisation requires a comprehensive set of appropriate indicators' scheme and quantification technique such as a hierarchical framework which link to the organisation's ultimate strategic goal for ensuring asset integrity. This framework uses analytical hierarchy process (AHP) to quantify the risk information through the standardisation of weight indicators and the aggregation. A study to quantify the condition of assets of five offshore floating facilities through leading and lagging indicators in hierarchical structure was conducted. The estimated index values determine the condition of the asset based on the performance risk index scale. Finally, the study concluded that the indicator system can provide a comprehensive view on portfolio of offshore asset health status, lead to the further consideration and trends monitoring for decision-making processes.