|
Name:
Due Diligence Audit 1
Project:
Drill
Rig Construction
Client:
Major Drilling
Contractor
 |
Description:
Our client was considering
buying two 6th-generation
semisubmersible drilling rigs
under construction. Èpeus were
engaged to perform an
independent due diligence
assessment of the construction
projects prior to the client’s
decision whether to move ahead
with the purchase.
The due diligence review
conducted by Èpeus covered all
aspects of the project,
including overall strategy,
project control, schedule status
verification, costs, and
technical issues. Èpeus also
provided forecasts on the
probabilities of meeting key
project milestones and the
budget overruns.
The value benefits to our client
were:
-
Independent
project assurance appraisal.
-
Additional information as
input into decision making.
-
Clear
understanding of the project
its risks and issues.
-
Verified
schedule and cost status of
the project.
|
 |
|
Name:
Due Diligence Audit 2
Project:
Potential Investment
Client:
Investment Bank
|
Description:
Our clients, two international
investment banks, were
considering substantial
investments in a Chinese land
drilling rig owner and operator.
Little market data is available
in China for this industry
sector.
Èpeus were engaged to perform a
due diligence audit to assess
and evaluate, among other
things, the drilling rig owner,
the capabilities and overall
values of the land rigs, and the
internal market in which the
Chinese owner operated. The
Èpeus team conducted the audit
in Northern China and presented
its report and findings to the
client group in Hong Kong.
The value benefit to the clients
was:
-
Independent project assurance
appraisal.
-
Clearer understanding of the
Chinese internal drilling market.
-
Rig fleet valuation.
-
Clearer understanding of the
risks associated with the industry in which they
were considering an investment.
|
|
|
|
Name:
Due Diligence Audit 3
Project:
Potential Investment
Client:
Investment Bank
|
Description:
Our client was considering
substantial investments in a
Chinese land drilling rig owner
and operator seeking to update
its fleet and expand into
international operations. Little
market data is available in
China for this industry sector
and the Chinese owner had not
fully articulated its plans for
international expansion.
Èpeus engaged to perform a due
diligence audit to assess and
evaluate, among other things,
(1) the drilling rig owner, (2)
the capabilities and overall
values of the land rigs, (3) the
internal market in which the
Chinese owner operated, and (4)
the ability of the Chinese owner
to work in an international
market in which expectations and
specifications different from
the Chinese market would affect
success.
The value benefit to the client
was: ·
-
Independent project assurance
appraisal.
-
Clearer understanding of the
Chinese internal drilling market.
-
Clearer understanding of the
abilities of the Chinese company to work within an
international market.
-
Clearer understanding of the
risks associated with the industry in which they
were considering an investment.
|
|
|
|
Name:
Due Diligence Audit 4
Project:
Potential Purchase
Client:
Independent Drilling
Contractor
|
Description:
Our client was considering the
purchase of a semisubmersible
drilling unit. The unit was
moored in sheltered waters
offshore Madagascar.
Èpeus was engaged to perform a
technical due diligence
appraisal of the unit.
The value benefit to the client
was:
-
Not having to refocus their
workforce away from day to day functions.
-
Independent evaluation of the
unit
-
Clearer understanding of the
condition of what they may purchase
-
Order of magnitude estimates of
cost associated with repair and reactivation
|
|
|
|
Name:
Due Diligence Audit 5
Project:
Potential Purchase
Client:
Independent Drilling
Contractor
|
Description:
Our client was considering a
purchase of a semisubmersible
drilling unit. The unit was
moored in sheltered waters
offshore Ghana.
Èpeus was engaged to conduct a
technical due diligence
appraisal of the unit.
The value benefit to the client
was:
-
Not having to refocus their
workforce away from day to day functions.
-
Independent evaluation of the
unit.
-
Clearer understanding of the
condition of what they may purchase.
-
Order of magnitude estimates of
cost associated with repair and reactivation.
|
|
|
|
Name:
Audit and Monitor 1
Project:
Drill Rig Construction
Client:
Independent Drilling
Contractor
|
Description:
Our clients were building two
6th-generation deepwater
semisubmersible drilling units.
Èpeus were engaged to develop
plans and schedules and to
implement on an ongoing basis
independent audits of the
project, project suppliers,
manufacturers, shipyards, and
key contractors.
The Èpeus Project Assurance Team
conducts the audits measured by
the standards set out in the
project risk and quality plan,
the project execution plan,
project controls procedures,
contract specifications, and
industry standards. The Èpeus
team reports to the project
steering group chaired by our
client.
The value benefit to the client
is:
-
Peace of mind that the work was
being managed and controlled at all levels of the
project.
-
Utilisation of systems and work
processes which the client company did not have.
-
Access to an established project
assurance support organisation and knowledge base.
-
Clear and concise findings
regarding the project and compliance with the
company’s standards.
-
The use of experienced and
competent project specialists to “health check” the
project.
|
|
|
|
Name:
Audit and Monitor 2
Project:
Field Development
Client:
Major Oil & Gas Company
|
Description:
In developing a deepwater field
offshore Angola, our client had
chartered a deepwater drilling
unit and had called for
extensive upgrades to be
performed on the drilling unit
in Brazil before moving onto the
drilling location.
Èpeus were engaged, among other
things, to periodically audit
and monitor the progress of the
upgrades throughout the shipyard
phase of the project.
The value benefit to the client
was:
-
Peace of mind that the work was
being managed and controlled properly by the
drilling contractor.
-
Early notification of potential
delays due to impacts.
-
An independent overview of how
the project was progressing.
|
|
|
|
Name:
Audit and Monitor 3
Project:
Drilling Rig Upgrade
Client:
Drilling Contractor
|
Description:
Our Client had recently
purchased an offshore drilling
tender barge. The barge was
under charter to a major oil and
gas company in South East Asia
and required repair and
reactivation for the charter
contract. Under the purchase
agreement, the previous owner
was responsible for planning and
execution of the repair and
reactivation scope of work to be
performed in a shipyard in
Singapore to make the unit fit
for purpose under the new
contract. Our client, on the
other hand, would operate the
rig after it left the shipyard.
Èpeus were engaged as an
independent project auditing and
monitoring service to protect
our clients’ interests on the
project.
The value benefit to the clients
was:
-
Peace of mind that the work was
being managed and controlled by the previous owner.
-
Early notification of potential
delays due to impacts.
-
An independent overview of how
the project was progressing.
-
Independent verification of
milestone achievement.
|
|
|
|
Name:
Project Audit 1
Project:
Drill Rig Construction
Client:
Drilling Contractor
|
Description:
Our client commissioned for
construction two 6th-generation
deepwater semisubmersible
drilling units at DSME Shipyard,
Korea. After mobilising the
project team to Korea, Èpeus
were engaged to develop the
overall and contract strategies,
risk profile, budget forecast,
and project organisation, as
well as Project Execution Plans
and project control procedures
for both vessel construction
programs.
Èpeus were then engaged for
independent assurance that the
projects were being managed and
controlled within the
expectations of the senior
management as set out in the
program earlier developed by
Èpeus.
Èpeus have conducted early
project audits in Korea to
assess the level of
implementation of the projects
control systems, procedures, and
contract specifications. Our
client also engaged Èpeus to
conduct supplier audits of the
key drilling equipment
manufacturer (NOV).
The value benefit to the client
was:
-
Peace of mind that the work was
being managed and controlled at all levels of the
project.
-
Utilisation of systems and work
processes which the client company did not have.
·
-
Access to an established project
assurance support organisation and knowledge base.
-
Clear and concise findings
regarding the project and compliance with the
company’s standards.
-
The use of experienced and
competent specialists to “Health Check” the
projects.
|
|
|
|
Name:
Project Audit 2
Project:
Platform Construction
Client:
Major Oil & Gas Company
|
Description:
Our client had determined that
development of their field in
the Caspian Sea required
construction and installation of
4 production platforms, each of
which would be fitted with
5th-generation automated
drilling facilities. Our client
experienced significant cost
increases in construction and
commissioning of the drilling
facilities.
Èpeus were engaged to conduct
independent project audits on
its project teams and key
contractors engaged in the
construction of four drilling
facilities. The teams and
contractors were located in
London, the Netherlands and Baku
Azerbaijan.
The value benefit to the client
was:
-
Peace of mind that the work was
being managed and controlled at all levels of the
project.
-
Utilisation of systems and work
processes which the client company did not have.
-
Access to an established project
assurance support organisation and knowledge base.
-
Clear and concise findings
regarding the project and compliance with the
companies standards.
-
The use of experienced and
competent project specialists to “health Check” the
project.
-
Early identification and
reporting of potential problems.
|
|
|
|
Name:
Project Audit 3
Project:
Drill Rig Construction
Client:
Major Oil & Gas Company
|
Description:
As part of a field development
project, our client chartered a
drilling rig that was under
construction in China. Èpeus
were engaged for independent
verification that the major
equipment for the project was
progressing and would meet
contractual specifications.
Èpeus coordinated through its
global network of companies and
conducted in-process auditing
and equipment Factory Acceptance
Testing witness services.
The value benefit to the client
was:
-
Peace of mind that equipment
manufacturing was being managed and controlled.
-
Utilisation of systems and work
processes which the client company did not have.
-
Access to an established project
assurance support organisation and knowledge base.
-
Clear and concise findings
regarding the project and compliance with the
company’s standards.
-
The use of experienced and
competent project specialists located around the
globe and within one organisation.
-
Early identification and
reporting of potential problems.
-
Not having to redeploy its
own resources on temporary project tasks.
-
Significantly reduced costs
associated with this aspect of the project.
|
|
|
| |
|
