Page 30 - Impiantistica Industriale

Figure 3. Italian Players challenges

shift by both providing solution to store conditions and restore competitiveness
and capitalize know how and support for the long term
knowledge transfer from the few senior
experts to junior / less skilled resources. Players should defi ne a clear agenda around
e. Local content requirements: produ- those four pillars:
cing countries have put in place structu- i. New sources of fi nancing: the issue
red policies to support localisation of ac- affects contractors and component ma-
tivities, know how and capital allocation, nufacturers alike, although different si-
with different degrees of regulatory en- zes call for different actions. For the for-
forcement. For instance Nigeria requires mer, priority shall be given to developing
local manpower to achieve up to 75-85% project fi nancing support, through the
of the total workforce, while Indonesia launch of collaboration initiatives among
requires O&G companies to source 35% players to provide to the clients the pos-
sibility to fi nance projects. On the other
hand, alternative and innovative forms of
fi nancing are available to smaller players
such as components manufacturers, in
the form of Special Purpose Acquisition
Companies (SPAC). These are publicly
traded buyout companies that raise funds
through an Initial Public Offering (IPO) for
the purpose of collectively raising liquid
money, and are particularly advantageous
for small companies. In fact, this fi nancial
instrument allows them to raise funds for
as long as the fi nancial markets are willing
to buy shares of the SPAC, thus ensuring
of goods and services locally. Such poli- continuous availability of liquidity to face
cies represent a challenge especially for project needs.
smaller operators, that either risk to loose ii. Contract risk management and early
competitiveness against developing local stage collaboration: the effort in this
suppliers, or need to sustain costly solu- respect must go in the way of develo-
tions to fi nd local partners or to invest in ping contract risk management tools and
producing countries. competences, covering the process from
Both contractors and component manu- the bidding phase to the execution pha-
facturers are therefore facing increasing se including the management of claims
challenges (fi gure 3). So what initiatives and penalties. A structured approach
can Italian players undertake to restore to contract risk management should be
their competitiveness? put in place, with specifi c and profi cient
competences, processes and tools. For
4. Coherently with the challenges highlight- instance, establish golden rules to gui-
ed and assessed through the complexity de negotiation process, defi ne standard
index, we have defi ned a list of concrete contracts, implement timely notifi cation
actions that Oil & Gas players should un- for any contract deviation, create a scope
dertake in order to adapt to new market deviation report to specify gaps, dedicate

28 Impiantistica Italiana - Settembre-Ottobre 2017