AUSTRALIA

EPC facing cliff

WOOD Mackenzie says the LNG engineering, procurement and construction sector that has reaped over $280 billion in the past 10 years is facing its steepest decline in decades as heightened competition exacerbates the LNG glut – which is good news for Woodside Petroleum's goal of breaking even for its Browse floating LNG project.

Wood Mac research analyst Saul Kavonic said 2015 would be remembered by the LNG EPC sector as the year when their workload peaked, with 31 trains in construction adding 138 million tonnes per annum of...

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