Fleet Condition Assessment Helps Identify Risk Factors for Extending Service Life of OSVs
Explore how ABS Group helped a shipping company assess the condition, evaluate project risks, develop a risk matrix and estimate retrofitting costs for its OSV fleet.
As many vessels approach the end of their design life, ship owners and operators are looking for ways to maintain asset integrity and potentially retrofit their vessels for extended service in a safer, more reliable and compliant manner. Owners must also protect the investment value of their marine and offshore assets while maintaining the safety and efficiency of their operations.
For one company, a condition assessment report was needed to determine the cost of retrofitting their offshore support vessels (OSVs) in order to improve mechanical and asset integrity, reliability, efficiency and performance. ABS Group was selected to provide risk-based technical inspection and survey services by developing a customized condition assessment program which was used to determine service requirements, as well as the overall maintenance and repair estimates, and other valuable condition details for the OSVs.
- Assess condition and review classification records, steel requirements and gauging reports
- Evaluate, identify and rank risks to mechanical/asset integrity, including current diminution rate
- Determine maintenance and repair estimates for retrofits and steel renewal
Perform a condition survey covering hull and machinery
Develop a condition survey check sheet baseline to compare each asset on an equivalent basis
Develop a risk matrix identifying critical components and criteria such as fair market value, maintenance costs, steel weight for conversion, etc.
Outline the required retrofits to maintain integrity, improve efficiency and extend service life
Generate condition report with visual inspection record
ABS Group carried out a thorough condition survey over a two-month period. A detailed Condition Report was generated following the record review, which included photographic evidence of the vessels' assessed condition as well as a summary of the relevant data compiled from the survey records.
The findings revealed the current condition of the hull; fore and main decks; ballast tanks and void spaces; deckhouse; accommodation; bridge and communication equipment, machinery spaces; and other associated safety-related equipment and machinery.
Analyze structural condition for future maintenance planning
ABS Group also carried out an evaluation of the condition of the vessels' structure considering the current diminution rate. The evaluation included a review of an Ultrasonic Thickness measurement report for the purpose of identifying any future "suspect areas," which may be in need of replacement within the next 10 years.
Develop a custom risk matrix with critical rankings
As a result of our review and survey work, a custom Risk Matrix was developed for the client. The matrix measures attributes of each vessel based on findings obtained during the condition surveys, as well as during the classification society’s record reviews, and the gauging analyses to determine the projected cost to recondition and modernize the vessels. Through this risk-based solution, vessels can be ranked from best to worst, and the owner is provided a road map for a fleet replacement program.
Based on the risk criteria that were identified, the client was able to select vessels with the best overall score for repair, modification and modernization, and plan for the decommissioning of vessels that were not economically feasible for a service life extension program.
Considering the complexity and capital intense nature of repair and modification projects, owners must understand the potential risks to which they may be exposed. The object of the fleet assessment program is to assist the client in optimizing its CAPEX and OPEX and achieving the safety, integrity, and performance objectives expected throughout the extended operational life of its assets.