International Codes and Standards Applicable to Cost Estimating Relationships for Floating Production Systems

Offshore development engineers are expected to provide early and accurate cost estimates for floating structures. However, there is a tendency within the industry to forget that the cost estimating process may be guided by relevant international standards to ensure consistency and accuracy. There are a number of industry standards and codes on offshore structures and life cycle cost, which are applicable to cost estimating relationships for floating offshore structures; these standards could be used in the cost estimating aspects of concept selection studies, sensitivity analysis and optimisation in the front-end and development planning stages of an offshore project. This paper summarises the author’s study of the applicability of these relevant international standards and discusses ways of applying these to the Cost Estimating Relationships (CERs) for Floating Production Systems (FPS).