Use risk-based method to develop a foundation for quantitatively assessing the contribution of maintenance activities in offshore petroleum oil and gas industry

As the world market becomes more benefit-oriented, increasingly companies and organizations are becoming aware of the maintenance’s contribution to value generation, as well as its contribution to risk reduction. Maintenance is considered as an important business process that could contribute to overall profitability. However, many companies find it difficult to quantify contribution of maintenance in value creation and risk reduction. Therefore, these companies are not able to effectively plan maintenance management as well as decide resource allocation for maintenance activities. The aim of this research study is to suggest a methodology to quantitatively assess the contribution of maintenance activities in reducing overall risk with respect to HSE and ensuring production regularity. Such kind of quantitative assessment provides a valuable decision-making basis to the managers to appropriately plan maintenance activities and allocate optimal resources. In this thesis, a risk-based methodology is proposed to quantitatively assess the value of maintenance activities. The value of maintenance activities is expressed as the risk reduction values that could be achieved by performing a particular maintenance activity