News - Press Release
While operator cash flow appears to be on the rise, the pursuit of short cycle times remains an equal, perennial area of focus.
While operator cash flow appears to be on the rise, the pursuit of short cycle times remains an equal, perennial area of focus. One way that TechnipFMC is driving industry change to meet this need is by combining its robust skills and technologies into a portfolio of integrated solutions, which extend from concept to delivery and beyond.
The company’s pioneering integrated Engineering, Procurement, Construction and Installation (iEPCI™) offering and its other integrated solutions are swiftly gaining traction in the marketplace, as evidenced by a string of recent contract wins. In the first five months of 2019 to-date, the company was awarded eight iEPCI™ contracts, placing integrated solutions well on track to exceed 25% of this year’s total inbound activity.
Among these contracts:
- On January 9, BP awarded an iEPCI™ contract for the Atlantis Phase 3 project in the Gulf of Mexico.
- On January 29, Lundin Norway granted an iEPCI™ contract for the Solveig (formerly Luno II) and Rolvsnes projects, which are being developed together in the North Sea.
- On March 25, Eni awarded an iEPCI™ contract worth more than $500 million for the Merakes project offshore Balikpapan Indonesia.
- On April 2, Neptune Energy granted a more than $250 million iEPCI™ contract for the Duva and Gjøa P1 projects in the Norwegian North Sea. TechnipFMC is currently executing the Fenja iEPCI™ project for Neptune Energy.
- On April 23, ConocoPhillips awarded a iEPCI™ contract for the TOR II development in the Norwegian North Sea.
- On May 7, months after granting its first-ever iEPCI™ contract in January, BP issued another iEPCI™ contract for its Thunder Horse South Expansion 2 project in the Gulf of Mexico.
A further indicator of the industry’s burgeoning confidence in TechnipFMC’s integrated approach is that four of the clients – BP, Lundin, ENI and ConocoPhillips – were first-time iEPCI™ clients, with BP returning a short time after its first award to contract another iEPCI™ project. This rapid rate of adoption signals a market shift towards making subsea projects faster and more efficient, while also suggesting that the rebound and recovery the industry has been experiencing will continue.
As an end-to-end, fully integrated subsea solution, iEPCI™ streamlines processes, reduces risk, and aligns complementary technologies to simplify field architecture and accelerate time to first production. The integrated front-end engineering and design (iFEED®) study sets projects up for optimal success, even anticipating future needs, such as the eventual addition of subsea boosting, to maximize recovery. Here, the front-end team can engage with the client from the earliest possible point to optimize a field from an overall, systems level, considering the whole lifecycle.
“Our iFEED® portfolio is a key differentiator for us and continues to grow after nearly doubling last year,” explained TechnipFMC Chief Executive Officer Doug Pferdehirt. “This is particularly significant because iFEED® conversion drives our iEPCI™ momentum.”
TechnipFMC is able to slash redundancy and unnecessary project interfaces by working as the sole contractor during an iEPCI™ project. As the only company capable of integrating the subsea production system (SPS) and subsea umbilicals, risers and flowlines (SURF) scopes, the value is clear. When coupled with the revolutionary, modular Subsea 2.0™ product platform, further value and efficiencies can be realized, as seen when the industry’s first full-cycle integrated subsea project, Shell Kaikias, achieved first oil one year early and came in under budget.
The integrated Life of Field (iLOF®) services boost efficiency, lower operating expenses and extend field life through proactive operational monitoring, increased recovery and extended uptime.
Incredibly, TechnipFMC’s iEPCI™ award total doubled during this short four-month period, with the total now standing at 14 integrated subsea projects.
“There is no doubt that our integrated approach is being embraced by our clients and is driving our Subsea growth,” Pferdehirt said.
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