Offshore oil and gas contracts registered a decrease of 2% in Q3 2022 with a total of 701 contracts, when compared with 716 contracts in the previous quarter, according to GlobalData ’s oil and gas contracts database.

The activity marked a decrease of 12%, when compared with an average of 795 contracts over the last four quarters.


Upstream segment had the majority of contracts in the offshore terrain with 658 contracts and a 94% share, followed by midstream with 41 contracts.


Offshore oil and gas contracts activity by region in Q3 2022

Europe led the offshore contracts activity with 359 contracts and a 51% share in Q3 2022, followed by Asia-Pacific and North America with 126 (18%) and 76 (11%) contracts, respectively.

Offshore contracts by scope of work in Q3 2022

During the quarter, the majority of contracts in the offshore were awarded in the operations & maintenance with 465 contracts, followed by procurement and design & engineering with 167 and 128 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.