Risk Reducing
Although the FPF1 delay was frustrating and has delayed GSA first oil, the FPF1 refurb is not the high risk part of the project IMO. The greater risks lay in the sub sea work which has gone swimmingly and is largely de-risked now.
Interesting how PFC had to explain to their shareholders why the PFC GSA revenue was delayed as the smaller PFC share (20% as I recall) was significant to their future profits - Ithaca is about one eight the size of PFC (market cap) with nearer three times the GSA revenue coming its way - puts things into perspective.
PFC's message to shareholders re FPF1 delay was more expansive than IAE's, they basically said that elements of the work had to be completed before winter and doggedly trying to keep to that schedule would introduce unacceptable risks to the project. PFC was a major holding of mine from 2009 and I became quite familiar with their modus operandi. If they make a call such as the GSA delay, they usually get the call right and then put great effort into the final delivery phase.
Doug