Despite the recent oil price volatility, the extreme focus on cost reduction the offshore industry has undergone has opened new opportunities for more investments in the market as operators have drastically reduced their operating expenses (OPEX) after the 2014 oil price drop.
This latest cost-consciousness is very beneficial to ALMACO given our modern and cost-efficient fabrication methods such as modular cabins, which decrease the total costs of the projects without sacrificing the high-end quality of the products. Additionally, the expectation of larger investments re-open the possibilities for ALMACO to deliver our cost-efficient and top-quality complete Living Quarters.
In 2018 our teams were involved in various projects in FEED (Front End Engineering Design) stage and we saw the completion of the cabin assembly process for Johan Castberg’s project for Equinor (formerly Statoil).
Thanks to the framework agreement for standard cabins that ALMACO entered with Statoil in 2015, we were awarded this second project for the company to supply and install 120 new NORSOK compliant modular cabins. These cabins were produced in Finland and delivered for Singapore for installation.
Additionally, we received a contract award for the engineering and construction supervision for an FPSO (Floating Production Storage and Offloading) unit for a major oil and gas customer.