AACE Class 5 Cost Estimation for Upstream Concept Screening
Build AACE Class 5 screening estimates in hours, not weeks — defensible, auditable, and ready to hand off to FEED.
Built for concept screening
The AACE 18R-97 framework defines five classes of cost estimate, each appropriate to a different stage of project maturity. Rhino is built for AACE Class 5 — fast, defensible, order-of-magnitude screening at the concept stage, where the most options are still open.
Produce capacity-factored and equipment-factored screening estimates, compare concept options on a consistent basis, and carry an auditable cost basis into the funding gate and the FEED team that takes the project forward.
Parametric Estimation
Build AACE Class 5 (order-of-magnitude screening) estimates using industry-recognised parametric methods. Apply capacity factors, Lang factors, and equipment-factored approaches to generate defensible cost estimates from minimal design data.
Rhino includes built-in cost databases with equipment pricing, installation factors, and regional adjustments. Scale from reference plants, apply complexity factors, and generate estimates that follow AACE Recommended Practice 18R-97 methodology.
Screening across the concept phase
Iterate rapidly across concept options at AACE Class 5 — capacity-factored and equipment-factored estimates that narrow the field before you commit to FEED. Build a transparent, auditable basis the FEED team can take forward.
Combine factored subsystems with equipment-level detail where you have it. Rhino handles the mixed-maturity estimate that real screening studies require — and hands off a clean cost basis, WBS and assumption register for detailed estimation downstream.
Built-in Contingency Analysis
Quantitative risk analysis replaces guesswork in contingency determination. Use Monte Carlo simulation to model cost uncertainty and establish confidence-based contingency values aligned with AACE 40R-08.
Define probability distributions for uncertain cost elements, run thousands of simulations, and report contingency at P50, P80, or P90 confidence levels. Demonstrate to stakeholders exactly how contingency was determined and why.
Key Capabilities
Purpose-built for AACE-aligned cost estimation across all phases of upstream oil and gas project development.
Equipment Factored Estimates
Start from equipment costs and apply installation, piping, electrical, and instrumentation factors to generate total installed cost estimates for process facilities.
Location Cost Factors
Adjust estimates for regional cost differences with built-in location factors covering onshore, offshore, and remote environments across major producing regions.
Contingency Analysis
Monte Carlo simulation with configurable probability distributions. Report contingency at any confidence level and trace the analysis back to individual risk drivers.
Cost Benchmarking
Compare your estimates against historical project data and industry benchmarks. Identify outliers and validate assumptions before committing capital.
AACE Standards Compliance
Built around AACE Recommended Practices including 18R-97 (estimate classification), 40R-08 (contingency), and 56R-08 (estimate basis). Methodology is transparent and auditable.
Export to AACE Format
Generate estimate reports structured to AACE standards with proper classification, basis of estimate documentation, and work breakdown structure alignment.
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Build Defensible Cost Estimates Faster
Stop spending weeks assembling spreadsheet estimates. Rhino gives you AACE-aligned parametric tools that produce auditable results in a fraction of the time.