Optimizing Operational Expenditure (OPEX) in Offshore Support Vessel (OSV) Operations: A Benchmarking Study Against International Best Practices
Joseph, Taiwo (2025)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025061022113
https://urn.fi/URN:NBN:fi:amk-2025061022113
Tiivistelmä
In the competitive Shipping Industry, cost optimization is the source of competitiveness, profitability, and cost leadership. This study analyzed the OPEX structure of Company A, a Nigerian Platform Supply Vessel (PSV) operator, to determine whether its OPEX is above or below international best practices and, therefore, to guide streamlining the OPEX to improve its profitability. This study aimed to identify key cost drivers, assess inefficiencies, and propose strategies for enhanced cost efficiency without compromising safety.
This research utilized a mixed-methods approach, which involved collecting financial and operational data, conducting an extensive literature review, and completing structured and open-ended questionnaires from Company A’s senior management and expert vessel managers. Financial and operational data were analyzed using descriptive statistical methods, while thematic analysis provided qualitative insights.
This study findings indicate that Company A does not have a clearly defined OPEX management system. Each department runs a silos-like cost control system that is majorly reactive and depends on a manual tracking system, which accounts for its OPEX structure being below International best practices. Aside from the recommendation of increasing the crewing cost and reducing the repair and maintenance expenses, this study recommends adopting an integrated Enterprise Resource Planning (ERP) based fleet management system to centralize crew management, procurement, and maintenance, thereby improving real-time monitoring and control of OPEX. These recommendations offer actionable strategies to enhance operational efficiency and financial sustainability in OSV operations.
This research utilized a mixed-methods approach, which involved collecting financial and operational data, conducting an extensive literature review, and completing structured and open-ended questionnaires from Company A’s senior management and expert vessel managers. Financial and operational data were analyzed using descriptive statistical methods, while thematic analysis provided qualitative insights.
This study findings indicate that Company A does not have a clearly defined OPEX management system. Each department runs a silos-like cost control system that is majorly reactive and depends on a manual tracking system, which accounts for its OPEX structure being below International best practices. Aside from the recommendation of increasing the crewing cost and reducing the repair and maintenance expenses, this study recommends adopting an integrated Enterprise Resource Planning (ERP) based fleet management system to centralize crew management, procurement, and maintenance, thereby improving real-time monitoring and control of OPEX. These recommendations offer actionable strategies to enhance operational efficiency and financial sustainability in OSV operations.