Oil and gas contract activity in Q1 2021 witnessed a decrease in the number of contracts while the contract value has seen an increase. The notable contracts include BW Offshore’s $4.6bn contract for Engineering, Procurement, Construction, Installation (EPCI), lease and operation of Barossa Floating Production, Storage and Offloading (FPSO), offshore Darwin in Australia, and Arabian Industries and Special Technical Services’ $4bn contract from Petroleum Development Oman (PDO) for the significant, spanning the execution of maintenance, integrity, field improvement proposals, turnaround activities, and the delivery of brownfield projects in the North and South of its concession area in Oman.
The upstream sector reported 918 contracts during Q1 2021, followed by the downstream/petrochemical sector and midstream sector with 209 and 177 contracts, respectively during the quarter.
Europe recorded the majority of the contracts, with 589 contracts in Q1 2021, followed by Asia and North America with 265 and 197 contracts, respectively during the quarter.
Operation and maintenance (O&M) represented 52% of the total contracts in Q1 2021, followed by procurement scope with 18%, and contracts with multiple scopes such as construction, design and engineering, installation, O&M, and procurement, which accounted for 13%.