An Economic Evaluation Method of Offshore Drilling Platform Overhaul Projects

The stable and efficient operation of offshore drilling platform is the prerequisite that enable success of offshore petroleum exploration and development activities. Offshore drilling platforms are often required periodical overhaul to restore its operational capacity after long time use in the marine environment. However, not all offshore drilling platform overhaul projects are economically feasible. In order to determine the economic feasibility of a platform overhaul project, economic evaluation is conducted. In this paper, an economic evaluation method of offshore drilling platform overhaul projects is proposed. At the same time, the paper also puts forward the economic evaluation methods of the other two alternative programs, new platform update and modernized refit. A scientific platform overhaul decision can be made basing on the economic evaluation results of the three programs.