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  1. Market Data
July 14, 2022

Offshore oil and gas contracts down 25% in Q2 2022

By Carmen

Offshore oil and gas contracts registered a decrease of 25% in Q2 2022 with a total of 664 contracts, when compared with 884 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.

The activity marked a decrease of 16%, when compared with an average of 793 contracts over the last four quarters.


Upstream segment had the majority of contracts in the offshore terrain with 622 contracts and a 94% share, followed by midstream with 31 contracts.


Offshore oil and gas contracts activity by region in Q2 2022

Europe led the offshore contracts activity with 353 contracts and a 53% share in Q2 2022, followed by Asia-Pacific and Middle East with 149 (22%) and 54 (8%) contracts, respectively.

Offshore contracts by scope of work in Q2 2022

During the quarter, the majority of contracts in the offshore were awarded in the operations & maintenance with 408 contracts, followed by procurement and design & engineering with 175 and 118 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.

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