Changing the Face of Asset Management

Friday, October 12, 2018

The industry’s focus on performance and efficiency has never been so acute. In this continuous game of ‘survival of the fittest,’ asset owners are pushing the supply chain for new and creative ways to reduce costs.

DanosPetrofac – a joint venture between U.S.-based Danos and international oil service company, Petrofac – came together earlier this year to address this need.

Led by Danos Owner Paul Danos and Petrofac Americas President John Glithero, former president of Wood Group PSN, the partnership brings a new approach to managed production support in the Gulf of Mexico.

“For more than 70 years we’ve been supplying offshore operations and maintenance teams in the Gulf. During the prolonged industry downturn, we recognized an opportunity to change the way we deliver services to our clients,” explains Danos. “Petrofac also identified the changing industry requirements, and together, we believe we can fill a gap in the market.”

What exactly is different about the DanosPetrofac approach? According to Glithero, the partnership offers a new level of support to asset owners. “We can truly support from the seabed to the helideck, and we can scale our services in line with the asset strategy, from providing a handful of specific services to managing all activities including well and pipeline operations. At the latter end of this spectrum, we allow the owner to focus their talent on new, more valuable projects, while we implement fit-for-purpose operating strategies that drive down costs.”

“We can do this across the asset lifecycle,” says Danos. “As infrastructure ages, we are able to drive down costs and increase returns that can help owners extend production life, which really is the icing on the cake. It’s all about developing smart operating strategies that align with asset drivers and measuring progress through KPIs. On some assets, this approach has delivered 20% or more in OPEX savings.”

The DanosPetrofac team believes its relentless focus on improvement is the key to success, and they are very much aware of the step-change that digital technology can drive.

“It’s no secret that data analytics has a big part to play in achieving ultra-efficient asset support, and we are actively progressing a number of exciting initiatives,” explains Glithero. “Operating culture is another key ingredient to cost reduction – here you have two businesses that are still run today by the people who founded them. With this combination comes a culture that recognizes the importance of finding new efficiencies and an unwavering commitment to delivering value.”