ADCO First Gulf Oil & Gas Company Certified in ISO 55001

ABU DHABI, UAE (June 30, 2014) – The Abu Dhabi Company for Onshore Oil Operations, ADCO, has become the first oil and gas company in the Arabian Gulf to achieve the new ISO 55001 standard certification for its Asset Management System. This follows the completion of an external audit conducted by the relevant international certification body. ADCO had previously used the BSI PAS 55 system. ISO 55001: 2014 focuses on the importance of implementing various administrative aspects of the asset management system, rendering it more comprehensive than BSI PAS 55, which focuses on the technical aspects of the asset management process. Upon the announcement of the launching of the new ISO 55001 standard in late 2013, ADCO was ready and prepared to comply with the new standard through highlighting the features of the modern asset management system along with making the necessary changes to allow a smooth transfer to the ISO 55001 system from the BSI PAS 55 system. The company aims to make continual progress through the adoption of each new standard as it is introduced. ADCO's core business is associated with the safe, reliable and efficient operation of its onshore production facilities, its pipeline transportation networks and its marine exporting terminals. The efficient and effective management of these physical assets over their entire life cycle is, therefore, fundamental to ADCO’s success. As part of its corporate commitment to continuous improvement, ADCO implements the best industry standards and aims for more. Appropriate integrated systems have been developed, therefore, to manage and preserve assets for the future and ensure sustainability. The development of asset management capabilities and their applications within ADCO has been achieved through excellent cross-functional teamwork. Key tasks include the development and implementation of criticality based strategic planning processes, capital project delivery, asset health reviews, cost /risk decision-making and continual improvement practices, all directly aligned with the ADCO Vision 20/20 and the Abu Dhabi 2030 National Vision. ADCO’s success in achieving ISO 55001 certification is based upon its adoption of global quality standards in several fields, in addition to having in place well-designed long-term objectives for maintaining assets, with optimal utilization in accordance with international standards. During the past years, ADCO has spent much of its budget in acquiring different assets and properties for production facilities. These production facilities need to be utilized in an optimal manner, ensuring efficiency and effectiveness. Applying ISO 55001: 2014 is an additional step in support of ADCO’s continual journey of improvement towards excellence through the adoption of the best systems and by acquiring the highest international certifications in all fields. Through its continuous efforts, ADCO has succeeded in building a system for asset management, sustainability planning, developing plans for optimal utilization, increased productivity and reduced operation costs, while keeping the community’s safety and a healthy environment in mind. Achieving ISO 55001:2014 certification for Asset Management confirms ADCO’s ability to attain the highest quality standards in maintaining assets, and of ensuring optimal asset utilization in the long run.