Asset Life

Asset Life

Asset Life Cycle Icon

As operating plants come towards the end of their design life, understanding Asset Life Planning is vital to identify the investment required to sustain integrity and the required operating performance. This will allow the plant to meet production and legislative requirements for the longer term and provide a focus for both future finances and resources.  

This results in the need to collect data, assess asset condition, identify vulnerabilities / risks and review future budgeting for repairs/replacements using an Asset Life Plan approach, with the aim being to assess the remaining life of existing assets and plan engineering work and expenditure to meet production requirements. 

Ageing is not about the age of the equipment, it is about what is known about its condition, and how it has changed over time. 

Managing a COMAH regulated site comes with its challenges in ensuring all associated risks to prevent a Major Accident or Hazard. Understanding risks and identifying vulnerabilities is a key function in this regard. There are various levels of assessment that can be carried out to identify and mitigate these risks.  

AXIOM can work with you to develop an Asset Life Plan, identifying vulnerabilities and inform operation and maintenance strategies. We can carry out a range of assessments to suit your needs including gap analysis for compliance, Asset Life Assessments, Remnant Life Studies and spares strategies to improve reliability of your Assets and to help meet industry standards and best practice.  

Our Asset Life Plan approach covers the following stages: 

Asset Life Plan Methodology 

Asset Life cycle Chart

Supporting the Asset Life Cycle