Offshore oil and gas contracts registered an increase of 18% in Q1 2022 with a total of 837 contracts, when compared with 709 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.

The activity marked an increase of 12%, when compared with an average of 746 contracts over the last four quarters.


Upstream segment had the majority of contracts in the offshore terrain with 794 contracts and a 95% share, followed by midstream with 45 contracts.


Offshore oil and gas contracts activity by region in Q1 2022

Europe led the offshore contracts activity with 483 contracts and a 58% share in Q1 2022, followed by Asia-Pacific and North America with 192 (23%) and 56 (7%) contracts, respectively.

Offshore contracts by scope of work in Q1 2022

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By GlobalData

During the quarter, the majority of contracts in the offshore were awarded in the operations & maintenance with 598 contracts, followed by procurement and design & engineering with 151 and 125 contracts, respectively.

Methodology

All publicly announced contracts are included in this analysis, which is drawn from GlobalData’s oil and gas contracts database that provides insights into awarded and expired contracts globally.

More in-depth reports and analysis on all reported contracts are available for subscribers to GlobalData’s oil and gas database.