Up to $500,000. That’s how much oil and gas operators could lose from just one hour of equipment downtime. These losses can add up quickly too. Based on the most recent downtime figures, industry operators face up to 27 days of downtime per year due to faulty equipment, costing potentially $38 million in lost revenue. If lost money wasn’t problematic enough, a lack of qualified maintenance personnel is exacerbating the issue. Consider this: 50% of energy industry workers are over 45 and expected to retire in the next 5 to 10 years. That’s a lot of subject matter expertise out the door. Meanwhile, equipment continues to age—with four out of ten offshore facilities over 15 years old. It’s a perfect maintenance storm.
