Six steps to reduce capex through value engineering
Value engineering can be defined as a systematic and organised approach to provide the necessary functions in a project at the lowest cost.
Based on a methodology developed by Lawrence Miles of General Electric during the material shortages of World War II, value engineering is used to solve problems and identify and eliminate unwanted costs, while improving function and quality.
In the floating production, storage and offloading (FPSO) sector, cost and schedule overruns hit the majority of projects and value engineering could nip a lot of this wastage in the bud.
In this analysis, we ask FPSO experts to give us a number of crucial considerations when opting for a value
engineering approach to a floater project.