Example: PETRONAS took on a bold strategy to overcome the issue by channeling efforts on producing a robust OCTG standardization program as well as enhancing reutilization based on available surplus. These initiatives aim to take materials management to a higher level of efficiency and cost savings. (1)
GE states on the cost of project delays and downtime: The industry has grappled with quantifying the cost of unplanned downtime, but the Kimberlite study revealed that just 1% of unplanned downtime—or 3.65 downtime days per year—can cost organizations $5.037 million each year. Averaging just over 27 days of downtime each year, offshore oil and gas organizations experience $38 million in financial impacts from unplanned downtime. For the worst performers the costs can be upwards of $88 million. (2)
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