Will information sharing regarding subsea oilwell bolt failures improve performance?

An article in the Wall Street Journal  (July 9, 2016) titled “New Worries over Subsea Oil Wells” describes bolt failure costs for connector units in subsea wells. The bolts were supplied by GE, Schlumberger and National Oilwell, all competitors in the industry. A new regulation will force reporting of bolt failures and sharing of this data among competitors. But new contract offered by GE to its customers let them pay only for up-time of its equipment. Will information sharing among competitors help identify design or assembly flaws? Will the new risk sharing contracts force better designs?

About aviyer2010

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