DNV GL has launched a JIP (Joint Industry Project) in a bid to establish a new international standard for offshore oil and gas projects which could cut costs by 15%.
The move is in a bid to curb the challenges presented by varying owners, operators and regulators during both engineering and construction phases in South Korean yards.
A number of companies are involved with the initiative including Daewoo Shipbuilding and Marine Engineering Company, as well as Samsung Heavy Industries and Hyundai Heavy Industries.
The JIP will aim to develop common and global test practices for components and equipment to reduce the number of – and variations in – requirements to the minimum necessary.
Results could potentially reduce project expenditure by $500million for a typical TLP (tension leg platform) project, for example.
The Korea Offshore and Shipbuilding Association and the Korea Marine Equipment Research Institute will also provide support.
Arthur Stoddart, DNV GL’s new Regional Manager for Korea and Japan, said: “Unfamiliar specifications and processes are today resulting in re-work, delays and misunderstandings and add thousands of engineering hours to projects.
“The implementation of a standardized approach will be an opportunity to significantly reduce the general cost level of offshore projects without compromising on quality or safety.”
Initially the JIP will focus on simple components such as tertiary structures and bulk materials for construction, piping and electrical and instrumentation engineering.
Within the next year, the project will consider industry standards, company standards and maritime approaches and rules for standardisation.