EPCICEngineering, Procurement, Construction, Installation & Commissioning (contract)
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LTHE provides complete EPCIC solutions for the offshore oil & gas industry combining customized engineering, procurement, fast-track project management and world-class fabrication and sea installation capabilities meeting stringent timelines, conforming to international safety standards.
MITC will provide PETRONAS with the basic design package and cost estimate of the best FLNG unit with technical and economic advantage based on MODEC group's rich EPCIC and operation experiences of Floating Production systems including mooring system technology, IHI's substantial experiences in offshore and shipbuilding and its unique and reliable LNG storage (IHI-SPB tank) technology, TOYO and CB&I's experiences in highly efficient topside plant engineering and fabrication.
The EPCIC schedule is consistent with the planned delivery of first gas in 2020 and work will commence at Final Investment Decision (FID).
Given that EPCIC work is contract driven, the group has to constantly bid for new jobs to sustain its top line, albeit the portion of this contract-based income is smaller with more recurring income from its drilling business.
contracts was awarded by an international EPCIC offshore contractor in the Middle East Gulf Cooperation Council (GCC) for a short remotely-operated vehicle (ROV) campaign for pipeline touchdown monitoring, with work scheduled to start in the third quarter this year.
Through the EPCIC contract, OneSubsea and its Subsea Integration Alliance partner, Subsea 7, will supply and install a subsea multiphase boosting system including topside and subsea controls, as well as associated life-of-field services.
This EPCIC contract follows the successful completion of a multi-phase engineering contract, including pre-front end engineering design (pre-FEED), front-end engineering design (FEED), and pre-execution engineering contracts previously awarded by bpTT to McDermott for the initial design and execution planning of Angelin.
Since then, EPIL has provided a range of project management and EPCIC services to various clients in the offshore sector.
The contract value of this EPCIC project is worth approximately RM1.
The contract included an option for EPCIC work which Statoil has now chosen to exercise.