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Our research is primarily available on a subscription basis – which includes all of our industry research across the LNG, Energy Infrastructure, & Renewables sectors, on-demand access to our analyst teams and experts in New York & Houston, our W|EPC Database, relevant satellite images, and more. However, we do make certain reports available on a one-off basis, as highlighted below:
W|EPC: Golden Pass LNG – Q221 Timeline, Cost, & Progress Update
May 2021W|EPC: Golden Pass LNG – Q221 Timeline, Cost, & Progress Update
W|EPC: Golden Pass LNG – Project Update, Comps, & Due Diligence Questions (Q121)
March 2021W|EPC: Golden Pass LNG – Project Update, Comps, & Due Diligence Questions (Q121)
W|EPC: Commonwealth LNG – Project Update, Comps, & Due Diligence Questions (Q121)
February 2021W|EPC: Commonwealth LNG – Project Update, Comps, & Due Diligence Questions (Q121)
W|EPC: Mozambique LNG – Baseline Report & On-Site Satellite Image Analysis (Q121)
January 2021W|EPC: Mozambique LNG – Baseline Report & On-Site Satellite Image Analysis (Q121). Baseline Report & On-Site Satellite Image Analysis – Project Owners: Total, Mitsui, ENH, PTT, etc. – LNG Buyers: Tokyo Gas, JERA, Centrica, Shell, CNOOC, EDF, etc
W|EPC: Analyzing Energy Project Contract Terms – Risks, Strategies & Comps
December 2020W|EPC: Analyzing Energy Project Contract Terms – Risks, Strategies & CompsKey Takeaways:1) Analyzing EPC Risk Avoidance: Comps & Techniques For Investors, Owners, & Contractors W|EPC analyzed ~$20B of publicly available EPC lump sum turn-key (LSTK) contracts, focusing on sensitive or contentious terms used to allocate risk, manage performance expectations, & establish a framework for third-party indemnification and liquidated damages, etc. (Pages 3, 5-7, & 9-17). Specific points of emphasis:Investors: Leveraging a project’s future expansion plans to protect ROE and/ maximize options (ROFR) options. (Pages 5, 9-11)Owners: Finding & justifying onerous contract terms as market or on-the-run. Contractors: Avoiding those onerous contract terms.2) Analyzing Notable Risks: Liability & Indemnity: Existing Facilities can be problematic for Contractors & expose stakeholders. (Pages 5, 9-11)• Performance Guarantees & Damages: Numerous performance guarantees were publicly disclosed (likely inadvertently) that illustrates risks & production, emissions, and/or power consumption liabilities. (Pages 6, 12-14)• Technical Risk Allocation: One project’s subsurface provisions are tighter and limit change orders provisions for differences in soils data. (Pages 7, 15-17)
W|EPC: LNG Canada – Updated Satellite Image Analysis & Construction Progress – Q420 Project Monitor
October 2020W|EPC: LNG Canada – Updated Satellite Image Analysis & Construction Progress – Q420 Project Monitor Delays At LNG Canada Continue to Build (Pages 4 – 7, 10 – 13): Fluor reported ~27.5% Engineering, Procurement, Fabrication, & Construction (EPFC) progress in September, vs our current estimate of…We believe Fluor’s 27.5% guidance implies module fabrication progress of ~45%, which is ~9x…Fluor also referenced COVID-related project delays (without getting specific)Our Current Delay Estimate:…..Estimated Probability Of Maintaining Schedule:…..Mind The Gap: There are several potential explanations for such a degree of progress variance…