Lloyd’s Register’s was awarded the EIC Supply Chain Excellence Award 2013, at the annual Energy Industries Council (EIC) award summit, held at The Natural History Museum in London, UK, on October 10.
The EIC award recognises those companies in the Energy industry who have demonstrated superiority within the supply chain, and there is only one winner every year. The award was presented to Lloyd’s Register for its Blow-Out Preventer (BOP) Risk Model programme.
Lloyd’s Register’s BOP Risk Model allows owners and operators to model the risk of their BOP (a critically important component in any hydrocarbon drilling operation) against component failure, helping to determine whether to pull the BOP to the surface for inspection and repair or not. With results received and modelled in Lloyd’s Register’s programme, risk and non-productive time is significantly reduced, both of which can prove costly to the industry and community at large. It is a key technical and innovative first step towards a risk-based and transparent decision-making tool for safer drilling, as well as immediate and consistent communication to all stakeholders in the event of a subsea BOP equipment failure.