The Emerging FPSO Forum was excellent. Our team enjoyed connecting with all the folks on the cutting edge of FPSO technology and methodology including client representatives from Audubon Engineering and WATER STANDARD .  Our team attended interesting sessions touching on technical developments in topsides, hull structures, mooring design, engineering trends, project challenges, market forecasts and so much more. If you are in the FPSO industry, we hope to see you next year because it won’t disappoint!

While all sessions at the forum were very informative and interesting, David Rosenberg‘s presentation really resonated with our team. David, a Senior Project Analyst from Independent Project Analysis (IPA), emphasized the importance of project execution and outlined the challenges and shortfalls that have lead to a 20% project success rate! David articulated some helpful strategies for the other 80% of projects that are coming over budget and past schedule.  He suggested applying a well-defined project control strategy from project initiation, integrating asset teams, strict control standards complete with standard reporting at fixed intervals and utilizing a modestly aggressive schedule to avoid over-runs and unnecessary delays. David’s research  found that these are the primary factors contributing to the only 20% success rate among FPSO concepts.

David also presented case studies of FPSO projects that were managed very differently. The first project started with high level plans, missing key team members, insufficient project control planning, and an aggressive schedule. This project ended up 100% over budget, more than one year past schedule and the asset itself suffered from recurring operation problems. The second FPSO case started with minor planning gaps, integrated teams and contractors, complete project control and monitoring plans and a modest schedule. The second project (also the first FPSO for that contractor) ended up 5% over budget and 5% past schedule.*

ProjecTools has spent over 15 years crafting a tool that helps project teams achieve successful projects. Moreover, we understand how important integrating teams and utilizing a well-defined project execution strategy can make or a break project. To mitigate these common project challenges, ProjecTools integrates asset stakeholders by centralizing project information, providing online access to project information, providing standardized reporting, enforcing workflows, and providing invaluable communication tools.

ProjecTools also promotes the standardization and execution prescribed by David. ProjecTools provides standardization and ensures proper execution allowing managers and owners to effectively plan for projects, enforce proper project execution and provide a project template for future projects.

*Rosenberg, D. & Walker, J. (2012). Project management needs for FPSO projects. Independent Project Analysis Inc. Unpublished paper presented at the Emerging FPSO Forum, Galveston, TX.