Oil and gas contract activity in Q3 2022 witnessed a minor decline in the number of contracts. However, the contract value reported an increase with $47.7 billion in Q3 2022, as compared to $38.8 billion in Q2 2022. Notable contracts during the quarter include, Keppel Shipyard’s two contracts combined worth $8.76 billion from Petrobras for the Engineering, Procurement, and Construction (EPC) of FPSO P-80 and P-82 vessels and P-83 vessel to be deployed on the Buzios field in Brazil; ADNOC Drilling’ two contracts totaling more than $3.4 billion from ADNOC offshore, and ADNOC has signed five framework agreements worth $1.83 billion with Al Ghaith Oilfield Supplies and Services Company, Al Mansoori Directional Drilling Services, Schlumberger Middle East, Haliburton Worldwide Limited Abu Dhabi and Weatherford Bin Hamoodah Company, and China Merchants Energy Shipping’s charter contracts worth $1.81 billion for three LNG vessels from Sinochem Petroleum Shipping Singapore.

Contracts by Scope and Count, Q3 2022

Upstream sector reported 1,118 contracts during Q3 2022, followed by downstream/petrochemical and midstream sector with 249 and 203 contracts, respectively during the quarter.

Europe recorded majority of the contracts, with 480 contracts in Q3 2022, followed by North America and Asia with 430 and 377 contracts, respectively during the quarter. Operation and Maintenance (O&M) represented 53% of the total contracts in Q3 2022, followed by procurement scope with 24%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 12%.