May 19 - Fifteen leading offshore companies have come together to launch the Standardization Unified Joint Industry Project (JIP), which aims to establish engineering industry standards.

The one-year memorandum of understanding (MoU) aims to reduce cost and increase predictability without compromising safety in international offshore oil and gas engineering, procurement and construction (EPC) topside projects. It promotes the use of standardised bulk materials and equipment, construction and qualification procedures, and documentation requirements.

The companies forming the JIP include McDermott International, Wood Group Mustang, DNV Korea, Technip, Samsung Heavy Industries, Daewoo Shipbuilding and Marine Engineering, Hyundai Heavy Industries, Royal Dutch Shell, Chevron and MODEC International. Classification societies signing the agreement were American Bureau of Shipping, Bureau Veritas, Korea Offshore & Shipbuilding Association, Korea Marine Equipment Research Institute and Lloyd's Register.

Vaseem Khan, vice president, engineering for McDermott, welcomed the opportunity to partner with stakeholders, customers and industry peers "to craft standards that deliver sustainable cost reductions without compromise to safety or operability".

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.