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Risk-Based Cost Benefit Analysis of Offshore Resource Centre to Support Remote Offshore Operations in Harsh Environment

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  • Rahman, Md Samsur
  • Colbourne, Bruce
  • Khan, Faisal

Abstract

Marine Logistics support during regular and emergency operations in remote North Atlantic regions is risky due to longer helicopter flying distances and extreme environmental conditions. In this paper, the safety and economic aspects of the previously introduced concept of an intermediate offshore resource centre (ORC) are evaluated. The ORC goals are to provide an intermediate helicopter landing station and a forward staging area for emergency response. Among many advantages, an ORC mitigates the logistical risk associated with the extended distance from shore support by reducing the response time in the case of accidents. This paper presents a risk-based cost-benefit analysis of the ORC. A probabilistic loss function model is developed based on the costs of historical offshore blowout incidents and their corresponding response times. The cost and benefit model is simulated in a probabilistic framework using a Monte Carlo simulation. The developed methodology and model help to assess the financial viability of an ORC in order to assist in informed decision-making regarding risk reduction measures.

Suggested Citation

  • Rahman, Md Samsur & Colbourne, Bruce & Khan, Faisal, 2021. "Risk-Based Cost Benefit Analysis of Offshore Resource Centre to Support Remote Offshore Operations in Harsh Environment," Reliability Engineering and System Safety, Elsevier, vol. 207(C).
    • Handle: RePEc:eee:reensy:v:207:y:2021:i:c:s0951832020308322
    DOI: 10.1016/j.ress.2020.107340
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    References listed on IDEAS

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    1. Rahman, Md Samsur & Khan, Faisal & Shaikh, Arifusalam & Ahmed, Salim & Imtiaz, Syed, 2020. "A conditional dependence-based marine logistics support risk model," Reliability Engineering and System Safety, Elsevier, vol. 193(C).
    2. Omid Zadakbar & Faisal Khan & Syed Imtiaz, 2015. "Development of Economic Consequence Methodology for Process Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 35(4), pages 713-731, April.
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    Cited by:

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    3. Bhardwaj, U. & Teixeira, A.P. & Guedes Soares, C., 2022. "Casualty analysis methodology and taxonomy for FPSO accident analysis," Reliability Engineering and System Safety, Elsevier, vol. 218(PB).
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