McDermott International, Inc. has joined with 14 other leading offshore companies in signing a Memorandum of Understanding (MOU) to establish engineering industry standards.
Known as the Standardization Unified Joint Industry Project (JIP), the one-year agreement sets out the terms and conditions upon which the signing parties shall establish industry standards for offshore engineering. The objective is to reduce cost and increase predictability without compromising safety in international offshore EPC topside projects by using standardized bulk materials and equipment, construction and qualification procedures, and documentation requirements.
As part of the agreement, all parties also agreed to comply with all applicable laws, rules and regulations in the performance of the MOU and in particular with all applicable anti-trust, anti-competition and anti-bribery laws.
Joining McDermott for the signing ceremony at Offshore Technology Conference, Houston, Texas were officials from offshore engineering companies Wood Group Mustang, DNV Korea Limited, Technip, Samsung Heavy Industries Co., Ltd. (SHI), Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME), Hyundai Heavy Industries Co., Ltd. (HHI), Royal Dutch Shell, Chevron and MODEC International.