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http://dx.doi.org/10.7837/kosomes.2019.25.1.102

A Business Model for Offshore Integrated Drilling Commissioning in Korea and Related Economic Analysis  

Lee, Chang-Woo (Khan Tech Co., Ltd.)
Cheon, Young-Wook (Nuritec Co., Ltd.)
Shin, Sang-Hoon (Graduate School of Korea Maritime and Ocean University)
Shin, Yong-John (Div. of Shipping Management, Korea Maritime and Ocean University)
Publication Information
Journal of the Korean Society of Marine Environment & Safety / v.25, no.1, 2019 , pp. 102-110 More about this Journal
Abstract
The shipbuilding and offshore plant industry of Korea is important and leads Korea's economic growth, designated as the 1st to 4th export items in Korea in terms of export contribution over the period from 2011 to 2015. This study proposes ways to improve the national competitiveness of Korean shipyards in the global offshore drilling market by reviewing a business model for providing an integrated offshore drilling commissioning service in Korea. This commissioning service model, which was attempted in 2014, was reviewed, and a new proposed business model for overcoming the limitations of the previous model and activating further business was evaluated. As a result of an economic evaluation, it was found that a 150-meter water depth model is economically more effective. As the number of integrated commissions increased from 2 to 5 times per year, NPV, IRR and B/C ratios increased and the fee per use decreased. Therefore, for offshore drilling facilities constructed and delivered in Korea, it will be necessary to encourage integrated offshore commissioning.
Keywords
Offshore Drilling Unit; Integrated Commissioning; Net Present Value; Benefit-Cost Ratio; Internal Rate of Return;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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