<![CDATA[The subject of this research is an Engineering, Procurement, Construction (EPC) SOE company that has the following characteristics: thin margin, high capital intensive, high complexity of execution and high bargaining power of the owners. The integrated approach has been employed, which includes business strategy, Company strategy, SWOT and TOWS analysis, IFAS and EFAS matrix, IE Matrix, Resource Based View, value chain analysis and Dynamic Capability Analysis to analyse the interplay between external conditions and internal capabilities and strategic positioning in order to establish sustainable competitive advantage. The results indicate that the Company is in a strategic posture of Harvest and Divest, which means that there is structural misalignment between the Company's strategy, business strategy, operational strengths and constraints in financial, organizational, and technological aspects. Strengths include execution reliability, institutional trust and powerful civil construction competence, while weaknesses lie in financial vulnerability, governance rigidity, lack of depth in industrial process engineering, and weak digital system integration. At the national level the external analysis confirms the presence of a relevant market niche, down streaming industries and energy transition policies and programs, and notable dangers coming from the competitiveness of the national market, volatility and risk transfer. The Dynamic Capability Analysis shows that the Company's competitiveness can be categorized as Adaptive and Defensive, with high level of Institutional Sensing, cautious and selective Seizing and Incremental Transforming capability with the emphasis on consolidation instead of expansion. The findings of the study are the definition of sustainable competitive advantage for Company as adaptive resilience which is realized by continuity between business strategy and Company's strategy. A high disciplined approach will be required in the execution of the Company's strategy, as regards both selection of projects and cashflow and risk management and in the process of internal stabilisation. So, a most coherent approach is Harvest and Stabilisation and with dominant WT logic in the up and down EPC markets for sustaining shareholders' value and strategic option.]]>
