Aibel invests to gain exclusive rights to become MFDevCo Partner EPC Contractor

Marginal Field Development Company (MFDevCo) has announced that it has entered into an agreement with Aibel AS whereby Aibel will take on the role of Partner EPC Contractor for MFDevCo’s marginal field initiative and future projects.  Aibel joined MFDevCo’s Marginal Field Delivery Consortium in February 2016 to provide project management and EPC services but this new agreement represents a very significant increase in Aibel’s commitment to the development of marginal and stranded field projects alongside MFDevCo.

In order to gain exclusive rights to provide project management, engineering and EPC services throughout the life of MFDevCo projects, Aibel has committed to investing in establishing the working structure for MFDevCo and the Consortium, supporting business development through the provision of upfront engineering on target projects and providing engineering services to further the engineering specification of MFDevCo’s existing solutions and their ongoing refinement.  This latter aspect of Aibel’s commitment allows MFDevCo to target fields in deeper water, further improve cost efficiencies and take advantage, in future, of emerging proven technologies.  It will also, critically, improve the ability to demonstrate at an early evaluation stage the robust technical suitability of the solutions for a given field and, with a very high level of confidence, the associated costings.

MFDevCo has been developing and progressing its marginal field initiative for six years and this agreement with Aibel is significant, not only in terms of the validation of the company’s business model but also, perhaps more importantly, in demonstrating to potential clients and partners the world-leading experience and capability that is now available to MFDevCo to ensure the successful development and delivery of marginal field projects.