This could include development of new technologies for next-generation FPSOs through the synergies between the two companies.
Other stated goals for the alliance are:
- Enhancing engineering and project management capabilities
- Enhancing and optimizing human resources and organizational structure
- Leveraging capacities to address multiple large-scale projects
- More cost-competitive offering to secure projects
- Enhancing profitability of EPCI business through efficient cost estimate/reduction initiatives
- Investigating opportunities for new technology and product opportunities in growth markets related to a ‘decarbonized society’.
MODEC provides EPCI activities for FPSOs, also owning and operating its vessels. As offshore oil and gas development projects increase in scale and move into deeper waters, the durations of the contracts have become longer term, while the floaters have increased in size and complexity.
The company is conscious of the importance of enhancing its engineering and project management capabilities to meet clients’ expectations. At the same time, it is looking to develop environmentally-friendly technologies for next-generation FPSOs.
Toyo has EPC experience in industrial facilities for oil and gas, refining, petrochemicals, fertilizers, power generation and transportation systems, with six autonomous EPC group affiliates throughout the world.
Over the past 15 years, the two companies have collaborated on topsides EPC scopes for various FPSO projects, and they anticipate further synergies from a strengthened collaboration that covers the full EPCI scope, including hull and marine engineering.