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Offshore Floating Production Units in the Digital Era

The current state of the offshore industry with lower oil prices is driving owners and operators to contain expenses based on this new norm. With over 200 Floating Production Storage and Offloading (FPSO) units in operation, reducing operational costs (OPEX) is a common thread across the industry and is often a key item in operator’s initiatives seeking improved financial results.

As part of the condition-based class approach, ABS has defined a digital asset framework that lays out the capabilities that support the end-to-end process – from data collection and pre-processing, to a digital twin that maintains and analyzes the data, to visualizations and outputs that support risk-based decision making. Throughout this process, digital technologies and data science are the enablers for the transition to an informed, targeted and predictive classification model.