EIC: High Value Contracts Awarded Despite Decline in Overall Quantity

28 April 2015

The latest EIC Monitor report once again shows a significant decline in the levels of contracting activity across the global upstream sector in Q1 2015. Despite the overall number of contracts being awarded dropping, the value of some is substantial. But while long-term investment plans and new discoveries hold promise for the long term, these could take a long time to come to fruition for industry players.

Upstream Contracting Activity in 1Q 2015

In 1Q 2015, a total of 39 major contracts - EPC (engineering, procurement and construction), FEED (front end engineering design) and subsea/SURF (subsea, umbilicals, risers and flowlines) - were awarded across 30 upstream developments, falling 65% from 66 awards in 4Q 2014 and compared to 55 awards in 1Q 2014. A total of 21 EPC contracts, six FEED contracts and 12 subsea/SURF contracts were awarded.

more [source: OE Digital]