Risk-based Approach to Offshore Facility Design for Arctic Operation

The increased complexity of Arctic offshore facilities (floating, production and mooring systems), coupled with stringent regulatory requirements, calls for rigorous risk management practices. To assess and quantify the potential risks associated with offshore activities, several studies have been carried out. However, in the majority of the available risk analysis literature, the influence of the operating environment on the risk profile has received less attention. Hence, the aim of this paper is to modify the conventional risk-based design approaches, by considering the complex and fast-changing nature of the Arctic. The central thrust of this paper is to highlight the fact that risk-based approach is particularly well suited to offshore facilities in the Arctic offshore where oil and gas industry faces with unpredictable and tough challenges.