Asset Walkdown – Know Your Assets

When does an asset walkdown typically take place? One example is the acquisition of a new rig, equipment storage yard, or an industrial facility such as a refinery. 

For the benefit of brevity let’s focus on rigs here. After the deal closes what’s next from an equipment perspective? You will want to confirm what you really purchased lines up with what you believe you bought, to know what newly acquired equipment matches existing equipment found on your other rigs in the fleet, to get an initial feel for the condition of the assets, and to pave the way for integrating the new rig into the computerized maintenance management system (CMMS) as well as the company’s Enterprise Asset Management (EAM) system.

Important Upfront Questions for Asset Walkdown

Below are some key questions to ask before you begin a properly planned asset walkdown (sometimes referred to as an asset verification):

  1. Is there an existing Master Equipment List (MEL)? Typically, that list would include information such as equipment number or asset ID, equipment description, physical location, maker name, model number, and serial number.
  2. Do you have a definition of what constitutes an asset for your company?
  3. Do you have a qualified team of individuals to conduct the asset walk down?
  4. Is there a redundant process to ensure accuracy and integrity of the data collected and uploaded into the EAM system?
  5. Will the asset walk down team have access to GA’s and P&IDs?
  6. Is there a procedure to record and address assets listed on the MEL but not found on the rig

The next question to ask, “What primary skillsets should be on the asset walk down team (AWT)?”  A best practice is to utilize personnel who have a maintenance background. One of the benefits of an asset walk down is the opportunity to discover the basic condition of equipment, so it makes sense to staff your team with maintenance professionals.

Maximizing Return

An asset walk down is an investment and with any investment, the return is of fundamental importance. How can return be maximized?

  1. Consider what tasks should be performed on the rig and what tasks can be performed in the office. Data must be collected, but to minimize cost and maximize accuracy the scrubbing of data entered into the EAM system to ensure consistency and accuracy should be done offshore by trained personnel. Dividing the tasks in this way will increase efficiency and decrease cost since AWT members will be in the facility only as much as necessary.

  2. Think about some of the benefits of using a qualified third-party vendor to conduct the asset walk down:

– Experience counts when the goal is accuracy and integrity of data collection.
– Qualified office support is essential to scrub data thoroughly while minimizing time on the rig.
– An objective vendor will not “pencil whip” your asset walk down.
– Rig personnel can perform their regular jobs without distraction.
– The same AWT will walk down working, new build, and stacked rigs.
– Focus on safety

RigServ has the experience and expertise to execute your asset walk down accurately while also seamlessly uploading redundantly checked data. Move forward confidently with integrating new rigs into your fleet by partnering with a trusted name in asset walk downs.

Contact us to discover how we can make you successful.

Request more info about our Asset Management Solution