Woodside Energy Limited

Service: Asset Management | Project: Technical Evaluation of Insulation Options | Location: Australia

Lycopodium Asset Management completed a technical evaluation of insulation options to establish the most cost effective insulation solution for Corrosion Under Insulation (CUI) and Chloride Stress Corrosion Cracking (CSCC) risk reduction on the Woodside Energy Limited (WEL) operated Goodwyn Alpha (GWA) Oil Platform.

Project Overview

Lycopodium Asset Management evaluated three new insulation products, alongside 3 other products already being used on GWA, to establish the most cost effective insulation solution for CUI/CSCC risk reduction for GWA.

The evaluation used a structured questionnaire to vendors, vendor presentations, current industry user engagements and independent research to collate technical and commercial information on each insulation option.

    Services provided include:
  • A systematic approach to rank the insulation options by using a scoring system that measured the conformity of each product to WEL Thermal and Acoustic insulation standards
  • The grading of the commercial benefits of each insulation option.
  • The presentation of findings from the evaluation in a concise manner that assisted WEL in making an informed decision to switch to a new insulation product.
  • The processing of the selected option through the WEL Technology Identification and Qualification Assessment procedure prior to approval for use on GWA.

The selected insulation product saved $100,000 at each insulation replacement cycle and delivered an annualised operations cost savings of $20,000 whilst significantly reducing CUI/CSCC risks on GWA.

Lycopodium received WEL’s Performance Excellence recognition for the cost and risk reduction benefits the project delivered.