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EPCI
EPCI stands for Engineering, Procurement, Construction and Installation, a common form of contracting arrangement within offshore construction. The acronym ''EPIC'' for ''Engineering, Procurement, Installation & Commissioning'' is also used. Under an EPCI contract, the contractor will design the structure(s), procure the necessary materials, undertake construction and transportation and set it up at the offshore site. The contractor does this either through own labor or by subcontracting part of the work. The contractor carries the project risk for schedule as well as budget in return for a fixed price, called lump sum or LSTK depending on the agreed scope of work. In EPCI contracts, the contractor rarely carries the project risk unconditionally. Rather, contractor and customer have detailed discussions on the division of the risk. Risk of delays and cost overruns due to lacking weather windows is an example of a typical risk that may be borne by the customer rather than the cont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Engineering, Procurement And Construction
Engineering, procurement, and construction (EPC) contracts (a type of turnkey contract) are a form of contract used to undertake construction works by the private sector on large-scale and complex infrastructure projects. Overview Under an EPC contract, a contractor is obliged to deliver a complete facility to a developer who needs only "turn a key" to start operating the facility; hence EPC contracts are sometimes called turnkey construction contracts. In addition to delivering a complete facility, the contractor must deliver that facility for a guaranteed price by a fixed date and it must perform to the specified level. Failure to comply with any requirement will usually result in the contractor incurring monetary liabilities. The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. Various abbreviations used for this type of contract are ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offshore Construction
Offshore construction is the installation of structures and facilities in a marine environment, usually for the production and transmission of electricity, oil, gas and other resources. It is also called maritime engineering. Construction and pre-commissioning is typically performed as much as possible onshore. To optimize the costs and risks of installing large offshore platforms, different construction strategies have been developed. One strategy is to fully construct the offshore facility onshore, and tow the installation to site floating on its own buoyancy. Bottom founded structure are lowered to the seabed by de-ballasting (see for instance Condeep or Cranefree), whilst floating structures are held in position with substantial mooring systems. The size of offshore lifts can be reduced by making the construction modular, with each module being constructed onshore and then lifted using a crane vessel into place onto the platform. A number of very large crane vessels w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lump Sum
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). The United States Department of Housing and Urban Development distinguishes between "price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown. In 1911, American union leaders including Samuel Gompers of the American Federation of Labor expressed opposition to lump sums being awarded to their members pursuant to a new workers compensation law, saying that when they received lump sums rather than periodic payments the risk of them squandering the money was greater. ''The Financial Times'' reported in July 2011 that research by Prudential had found that 79% of polled pensioners in the UK collecting a company or private pension that year took a tax-free lump sum as part of their retirement benefits, as compared to 76% in 2008. Prudential was of the view that for many retirees, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
LSTK
Lump sum turnkey (LSTK) is a combination of the business-contract concepts of lump sum and turnkey. Lump sum is a noun which means a complete payment consisting of a single sum of money while turnkey is an adjective of a product or service which means product or service will be ready to use upon delivery. In the construction industry, LSTK combines two concepts. The LS (lump sum) part refers to the payment of a fixed sum for the delivery under e.g. an EPC contract. The financial risk lies with the contractor. TK (turn key) specifies that the scope of work includes start-up of the facility to a level of operational status. Ultimately the scope of work will define just exactly what is needed. Progressive LSTK Very large projects may be split into phases where a fixed price (lump sum A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). The United States Department of Housing and Urban Development distinguishes between "pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Weather Window
A weather window occurs when weather forecasts indicate that a given set of marine operations or offshore construction activities can be performed within their maximum limits for wave height, wind speeds etc. Critical elements for offshore operations are use of time and expected weather. Planning of marine operations should be based on an operation's reference period defined as: Operation reference period (TR) = Estimated time of operation + Estimated unforeseen time If unforeseen time has not been identified, the operation reference period is normally set at twice the estimated operation time. Marine operations with a reference period less than 72 hours can be defined as weather-limited operations. These operations can be planned independently of statistical data and based only on weather forecasts. For weather-limited operations, critical factors such as forces, movements and acceleration shall be calculated in a rather worse weather condition (design criterion) than the wea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offshore Engineering
Offshore geotechnical engineering is a sub-field of geotechnical engineering. It is concerned with foundation design, construction, maintenance and decommissioning for human-made structures in the sea.Dean, p. 1 Oil platforms, artificial islands and submarine pipelines are examples of such structures. The seabed has to be able to withstand the weight of these structures and the applied loads. Geohazards must also be taken into account. The need for offshore developments stems from a gradual depletion of hydrocarbon reserves onshore or near the coastlines, as new fields are being developed at greater distances offshore and in deeper water,Randolph & Gourvenec, p. 1 with a corresponding adaptation of the offshore site investigations.Kolk & Wegerif, 2005 Today, there are more than 7,000 offshore platforms operating at a water depth up to and exceeding 2000 m. A typical field development extends over tens of square kilometers, and may comprise several fixed structures, infield f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
