The financial impact of fleet composition for offshore supply operation

Document Type : Original Article

Authors

1 Teaching Assistant in Arab Academy for Science, Technology and Maritime Transport

2 Arab Academy for Science, Technology and Maritime Transport

3 Lecturer at Arab Academy for Science, Technology and Maritime Transport

Abstract

The main objective of the study is to minimize as much as possible of the total costs paid by offshore oil companies for their offshore supply operations through the optimal configuration of offshore supply vessels (choosing the number of vessels needed for supply operations - choosing the best depots for supply - the best economic paths for the selected vessels - reducing the total time required for the process of supplying the rigs with the necessary requirements) ... The results of the analysis highlighted the importance of offshore supply operations that may lead to a complete stoppage of production and the challenges associated with managing them. The most important obstacles facing offshore supply operations are costs related to supply operations. Further, the wastages, delays in supplying, and shortages in supply units.
In this context, the financial impact of the study is primarily focused on minimizing total costs incurred by offshore oil companies for their supply operations. By optimizing fleet composition, depot selection, and vessel routes through the use of a genetic algorithm, companies can reduce operational expenses, avoid costly idle time of drilling rigs, and mitigate expenses related to wastages, delays, and supply shortages. These financial improvements contribute to increased profitability and overall financial performance for offshore oil companies

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