EIC Monitor records decline in worldwide contracting activity

Offshore staff

LONDON – The most recent EIC Monitor report shows a continuing decline in contracting activity.

A total of 49 major contracts engineering, procurement, and construction (EPC); front-end engineering and design (FEED); and subsea/subsea, umbilicals, risers, and flowlines (SURF) were awarded in 2Q 2015 across 37 upstream developments, rising 20% from 41 awards in 1Q 2015, but 71% down from 69 contract awards in 2Q 2014. A total of 28 EPC contracts, nine FEED contracts, and 12 subsea/SURF contracts were awarded.

Brazil and Norway have been hot spots in 2Q 2015, combining for 13 EPC contracts across 10 different upstream developments. In Brazil, a total of eight EPC contracts have been awarded. In the North Sea, five EPC contracts have been awarded on developments offshore Norway as operators proceed with current development projects.

Almost half of the upstream FEED contracts awarded were for projects in the Asia/Pacific region.

On the subsea/SURF front, the US is a hot spot, accounting for three contracts in the deepwater Mississippi Canyon area of the Gulf of Mexico. Offshore Brazil accounts for two such projects, and the North Sea, Statoil accounts for several projects.

08/05/2015

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...