Offshore staff
LONDON – Contract values disclosed by the oil and gas industry fell 48% in first-quarter 2023 compared with the previous quarter, according to GlobalData.
The consultant’s report, “Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q1 2023,” showed an overall contract value of $34.01 billion against $64.9 billion in fourth-quarter 2022.
Oil and gas analyst Pritam Katad said, “It appears the contract value momentum has slowed down due to high interest rates and a rising inflationary environment in the major economies. This could have potentially resulted in fewer high-value contracts during the quarter in the oil and gas space.”
Operation and maintenance (O&M) accounted for 57% of the contracts awarded in the first quarter, followed by a procurement scope with 17%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement (14%).
Notable awards included Yinson’s 15-year contract extension (worth $5.3 billion) for charter and O&M services for Azule Energy’s Agogo FPSO offshore Angola; and a five-year, $2.6-billion contract for ADNOC Logistics & Services from ADNOC Offshore in the UAE.
05.05.2023
