The RELIABILITY Conference Case Study - 43:16 
by Walter Sanford, PinnacleART

You spent 10 billion USD conceiving, designing, constructing, and commissioning a major capital project for an offshore production asset. Now, how are you going to manage it? A comprehensive, proactive, risk-based maintenance plan is an integral part of your asset management program. Another essential component is a risk-based operational spare parts strategy – identification of the parts needed to complete proactive and corrective maintenance tasks for operating equipment, and how these parts will be made available when needed. This case study reviews the methodology used and the results achieved for using RCM to drive the comprehensive Risk Management strategy for a major capital project. Development included critical Asset Management elements, such as the Asset Hierarchy, Risk Based Maintenance program, Operator Driven Reliability, Risk Based Spare Parts Strategy, and all associated procedures and plans, fully populated in the CMMS and other management systems. The results demonstrated significant benefits over traditional approaches. For example, performing the detailed spare parts analysis and making risk-based decisions for stocking quantities resulted in a cost savings of over 10 million USD in reduced part stocking requirements, compared to following the vendor recommendations.