ABB and Wison Offshore & Marine (WOM) have signed a Memorandum of Understanding to collaborate on the development and implementation of floating liquefied natural gas (FLNG) facilities worldwide, according to a statement from ABB.
WOM is a Shanghai-headquartered technology and solution provider focusing on clean energy.
FLNG facilities makes the production, liquefaction, and storage of natural gas possible at sea, from where it can be shipped directly to customers around the world. By optimising and standardising the FLNG unit design, ABB and WOM aim to significantly improve the production efficiency of LNG at sea.
ABB, WOM to optimise overall delivery schedule and save on cost
WOM’s competence as a premier provider of turnkey engineering, procurement, construction, installation and commissioning (EPCIC) to the FLNG market will be coupled with ABB’s expertise in integrating electrical, control and safety systems.
Commenting on the agreement, Cruise-Feng Li, head of ABB Energy Industries China, commented: “Adaptive Execution can help unlock significant project value for FLNG customers. By designing in a modular and standardised way, and testing everything in a virtual environment, we can tackle design challenges early on, boost performance and ensure reliability of the infrastructure. This enables all the parties involved in the project to achieve more in shorter timeframes, optimising the overall delivery schedule and saving on cost.”
The statement added that the global FLNG market is valued at over $14,187mn in 2020, and is projected to reach a value of over $104,281mn by 2031, growing at a CAGR of 20.1%.
The agreement will also utilise ABB’s unique project methodology, Adaptive Execution, which offers customers complete visibility of their project, from start to finish, via a single, streamlined and centralised approach.
ABB noted that it has delivered safe and reliable power and automation solutions to over 70 floating production projects around the world.
Meanwhile, Wei Huaqing, assistant president of WOM added: “The FLNG market continues to grow. We are pleased to be working with ABB and look forward to leveraging our complementary expertise to deliver more value for FLNG customers around the world. By combining our bespoke offerings, we believe we can increase productivity in greenfield developments and in doing so improve overall CapEx efficiency.”