A data room describes an asset as documented. A site visit describes the asset as it exists. The gap between the two is capital.
01
Where models tend to be optimistic
Remaining life assumptions, spare availability, obsolescence of controls platforms, and the true cost of code driven upgrades are the four areas that most often move after a technical review.
- Rotating equipment with no recent internal inspection
- Electrical apparatus beyond supported service life
- Control systems with unsupported hardware or software
- Pressure equipment with open recommendations or repairs
Deferred maintenance is not a line item. It is a schedule of future outages.
02
Condition is a technical question, not a document review
Records establish what should have happened. Inspection establishes what did. A credible diligence position reconciles both and states which conclusions depend on access that was not available.
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