Global oil and gas contracts activity in Q2 2021 witnessed a decrease in the number of contracts and contract value. The significant decrease in contract value from $46.4bn in Q1 2021 to $27.6bn in Q2 2021 was attributed to the significant difference-maker $12.242bn contract of Chiyoda and Technip Energies for the North Field East LNG project signed in Q1 2021. Some of the notable contracts during Q2 2021 include Saipem and Daewoo Shipbuilding & Marine Engineering (DSME) joint venture (JV), as well as Keppel Shipyard’s contracts from Petrobras for the construction of Buzios VIII (P-79) and Buzios VII (P-78) FPSO for deployment on the Buzios field, Brazil, and McDermott International and Sinopec International Petroleum Service consortium’s $2bn future EPCC contract from Total for the Engineering, Procurement, Construction and Commissioning (EPCC) services for Tilenga development in the Lake Albert Basin, Republic of Uganda.

The upstream sector reported 888 contracts during Q2 2021, followed by the midstream sector and downstream/petrochemical sector with 216 and 205 contracts, respectively, during the quarter.

Europe recorded the majority of the contracts, with 574 contracts in Q2 2021, followed by Asia and North America with 280 and 234 contracts, respectively, during the quarter.

Operation and Maintenance (O&M) represented 47% of the total contracts in Q2 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 16%.