TechnipFMC, a UK-based energy technology provider, has recently signed a contract for the engineering, procurement, construction, and installation of an offshore project for the development of the Limbayong project off the coast of Sabah, Malaysia. This contract is assessed as an iEPCI (integrated engineering, procurement, construction, and installation) contract valued between $75 million and $250 million.
Details of the Limbayong Project
The Limbayong project, which has recently been established, is located approximately 120 kilometers from the coast of Sabah and at water depths between 900 and 1200 meters. This project reached the execution phase after the final investment decision (FID) was approved by Petronas Carigali, a subsidiary of Petronas Malaysia, earlier this year.
Benefits of New Technology
TechnipFMC has stated that the offshore development will utilize the company's Subsea 2.0 platform. The execution of the iEPCI will cover the entire subsea scope of this project, reducing the project cycle time for rapid development. Jonathan Lande, head of TechnipFMC's subsea division, noted the continued collaboration with Petronas and emphasized that this contract is based on an integrated approach and the Subsea 2.0 CTO platform, which will enhance project economics, accelerate delivery, and improve project performance in Malaysia's offshore energy sector.
The Limbayong project, as a non-gas related oil and gas development, could have a significant impact on energy production in Malaysia and contribute to diversifying the country's energy resources. TechnipFMC has also recently signed several other contracts and provided updates on its work, including the delivery of the first 7-inch Subsea 2.0 tree to Chevron in Australia.
