Turnkey or a turnkey project is a type of project that is constructed so that it can be sold to any buyer as a completed product. This is contrasted with build to order, where the constructor builds an item to the buyer's exact specifications, or when an incomplete product is sold with the assumption that the buyer would complete it.
Construction is the process of constructing a building or infrastructure. Construction differs from manufacturing in that manufacturing typically involves mass production of similar items without a designated purchaser, while construction typically takes place on location for a known client. Construction as an industry comprises six to nine percent of the gross domestic product of developed countries. Construction starts with planning, design, and financing; it continues until the project is built and ready for use.
Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion.
A subcontractor is an individual or in many cases a business that signs a contract to perform part or all of the obligations of another's contract.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
Design–build is a project delivery system used in the construction industry. It is a method to deliver a project in which the design and construction services are contracted by a single entity known as the design–builder or design–build contractor. It can be subdivided into architect-led design–build and contractor-led design–build.
A project delivery method is a system used by an agency or owner for organizing and financing design, construction, operations, and maintenance services for a structure or facility by entering into legal agreements with one or more entities or parties.
A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project.
Engineers India Limited (EIL) is a Navratna public-sector undertaking of the Government of India under the Ministry of Petroleum and Natural Gas. It was set up in 1965 to provide engineering and related technical services for petroleum refineries and other industrial projects.
Construction management (CM) is a professional service that uses specialized, project management techniques to oversee the planning, design, and construction of a project, from its beginning to its end. The purpose of CM is to control a project's time / delivery, cost and quality—sometimes referred to as a project management triangle or "triple constraints." CM is compatible with all project delivery systems, including design-bid-build, design-build, CM At-Risk and Public Private Partnerships. Professional construction managers may be reserved for lengthy, large-scale, high budget undertakings, called capital projects.
Peregrino is an oil field located offshore of Brazil, east of Rio de Janeiro, in the southwest part of the Campos Basin area with about 2.3 billion barrels of oil in place within the sanctioned area. The oil field was discovered in 2004 and was formerly known as Chinook.
Saipem S.p.A. is an Italian oil and gas industry contractor. It was a subsidiary of Italian energy company Eni, which owned approximately 30% of Saipem's shares until 2016. Saipem has been contracted for designing and constructing several pipelines, including Blue Stream, Greenstream, Nord Stream and South Stream.
Construction bidding is the process of submitting a proposal (tender) to undertake, or manage the undertaking of a construction project. The process starts with a cost estimate from blueprints and material take offs.
Allseas Group S.A. is a Swiss-based offshore contractor specialising in pipelay, heavy lift and subsea construction. The company, founded in 1985 by owner and president Edward Heerema, employs 3,000 people and operates worldwide.
The New Engineering Contract (NEC), or NEC Engineering and Construction Contract, is a formalised system created by the Institution of Civil Engineers that guides the drafting of documents on civil engineering and construction projects for the purpose of obtaining tenders, awarding and administering contracts. As such they legally define the responsibilities and duties of Employers and Contractors in the Works Information. The contract consists of two key parts the Contract Data part one and Contract Data part two. Several approaches are included making it a family of options. It is used in the UK and internationally in countries including New Zealand, Australia, Hong Kong and South Africa.
Engineering, Procurement and Construction (EPC) is a particular form of contracting arrangement used in some industries where the EPC contractor is made responsible for all the activities from design, procurement, construction, commissioning and handover of the project to the end-user or owner.
Suicide bidding is a response to a tendering exercise in which a potential supplier, anxious to win business, submits a proposal to carry out the work for less than it will cost.
EMAS is a global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry and operating brand for Ezra Holdings. The business was founded in 1992 and is headquartered in Singapore. It began in Asia Pacific in the maritime industry with an advanced, modern and highly capable fleet of vessels. The company quickly expanded, listing EMAS on the Singapore stock exchange in 2003 and adding a world-class fabrication facilities in Vietnam. Over the next few years, EMAS added its construction and production division, listed EOC Limited on the Oslo Stock Exchange in 2007 and created an energy division, offering onshore and offshore drilling and well services. In 2011, EMAS embarked on a highly strategic acquisition of Aker Marine Contractors, a subsea construction and installation technology group.
Wison Group is an engineering, procurement, and construction company, or EPC firm which focuses on the industries of energy and high-technology. The company attracted significant international coverage in the first half of 2012 by winning a contract to “engineer, procure, construct, install, and commission” (EPCIC) the world’s first “floating LNG liquefaction, regasification, and storage unit” off the coast of Colombia. Wison also formed a consortium with Hyundai Engineering & construction Co. to sign a contract with PDVSA, Venezuela’s state-owned oil company, to expand PDVSA's Puerto la Cruz refinery.
MT Højgaard Group is one of the leading construction and civil engineering companies in the Nordic countries. The Group works with customers throughout Denmark and in multiple countries overseas. The company was founded in 2001, when Højgaard & Schultz and Monberg & Thorsen merged to form MT Højgaard.
