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The Contracts Management module could be set up to manage a EPC (Engineering Procurement and Construction) project but it probably depends on the scope and complexity of the project you are trying to manage.
There are 2 components to the Contract Management Module. The first component is the Contract Workbench which is a searchable document repository which can manage documents throughout the lifecycle of the contract. Access to documents and specific performance management tasks can be created and assigned or restricted to different roles based on the built in Team functionality.
The second component of the Contract solution is the Compliance piece which is designed to ensure compliance to pricing. While it can support complex pricing types as well as supplier-related hierarchies. (Example, Master agreement belongs to the primary contractor and associated subagreements capture subcontractor related pricing and specific milestonies), a deeper analysis would be required to see if could be configured to address your specific requirements.
Hope this helps,