Risk assessment of offshore engineering equipment projects — A case study of fall pipe vessel in China

This paper presents a scheme for offshore engineering equipment project risk management using a Fuzzy Analytic Hierarchy Process and applies it to fall pipe vessel project in CIMC Raffles (China International Marine Containers Raffles), the largest manufacturer of semi-submersible drilling rig in China. Fifty-eight different risks were deduced from expert interviews, field study and a literature review. A survey analysis was conducted on 73 experts working in CIMC Raffles and other 3 OEE manufacturers in November 2010. The major risks were design risk, joining section risk, welding quality risk, structure error risk as technical risk, and key equipment risk, contract risk, environmental risk, economic exposure, organizing & coordination risk, staff risk, material risk as nontechnical risk in offshore engineering equipment projects. The results of risk sorting and total risk could be used to manage the large engineering project risks and in extending our understanding of offshore engineering equipment project risks.