Solomon Benchmarking

International FPSO Operations Efficiency Analysis

We offer clients the unique opportunity to measure themselves against the world’s best performers.

Solomon’s International FPSO Operations Efficiency Analysis (FPSO Study) evaluates operating costs and uptime reliability for FPSO (floating, producing, storing, and offloading) vessels, assessing a diverse mix of operators located in various regions worldwide. The results assist the participating operators in enhancing efficiency and countering the effects of rapid production decline, which has a significant impact on unit operating costs.

The reliability metrics used in the study, first developed as part of Solomon’s Worldwide Offshore Production Operations Performance Analysis (Offshore Study), have been enhanced with input from clients. They include the value of lost oil production, Mean Time Between Incidents (MTBI), and Mean Time To Recover (MTTR). Uptime is a prime driver of upstream “value-add,” as the value of production lost to downtime far exceeds that of operating expenses (OpEx). The FPSO Study focuses on OpEx, production uptime reliability, and operating efficiency.

Why Choose Solomon's FPSO Study?

Solomon has operations data for more than 50 FPSO vessels. These operations data consist of detailed operating costs, technical information about vessels and operations, and daily production data. Daily production data were used to generate a family of uptime reliability metrics.

Study participants receive best-in-class production uptime targetsthat help confirm the value associated with specific future investments aimed at improving reliability. Participants also receive confidential, blinded, asset-level comparisons identifying potential savings in each cost category, as well as detailed cost-driver analysis. Solomon establishes with each participant the best areas for pursuing efficiency savings, enhanced reliability, and increased production.

The Solomon approach delivers a barometer of how well your FPSO vessel operations are performing versus your peers. As a result, you have the ability to dramatically improve your operational efficiencies and lower costs.

How It Works

Technical properties of each FPSO are used to define peer groups of similar vessels for benchmarking key performance indicators (KPIs). Characteristics defined include vintage, size, complexity, capacity, purpose-built versus conversion, and more.

KPIs include the following:

  • Uptime Performance
  • Target vs Actual Production Performance
  • Uptime Reliability & Availability
  • Loss of Containment
  • Total Throughput – Oil, Gas, & Water
  • Energy Use – Maintenance Cost & Equipment Power Efficiency
  • Safety Critical & Non-Critical Maintenance Hours Performance
  • Cost Performance
  • Operating Cost
  • Maintenance Cost – Labor
  • Maintenance Cost – Materials
  • Maintenance Cost – Ship Systems
  • Health, Safety & Environment
  • Total Recordable Incident Rate
  • Lost Time Accidents
  • Non-Injury Accidents & Near Misses
  • Medical Treatment Cases
  • Reported Spills & Volumes Labor Components
  • Number of Personnel on Board (POB)
  • Composition of Labor
  • Turnover Rate

Insights are based on structured interviews and KPI data reviews, as well as assessment by Solomon experts with input from our client group participants. We seek to identify those ideas and approaches that represent differentiated performance and that therefore present management with significant options.

Participate Today

Solomon studies help you find answers to the critical questions key to your business success:

  • How reliable is my FPSO performance?
  • How does my equipment utilization compare with that of others?
  • Are my operating expenses comparable to those of operators with similar facilities?
  • Do my facilities deliver a competitive OpEx, taking into account my utilization and complexity?
  • How do I compare across the range of performance in the industry?