Offshore oil and gas contracts registered a decrease of 16% in Q4 2021 with a total of 653 contracts, when compared with 779 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 740 contracts over the last four quarters.


Upstream segment had the majority of contracts in the offshore terrain with 634 contracts and a 97% share, followed by midstream with 30 contracts.


Offshore oil and gas contracts activity by region in Q4 2021

Europe led the offshore contracts activity with 389 contracts and a 60% share in Q4 2021, followed by Asia-Pacific and North America with 100 (15%) and 51 (8%) contracts, respectively.

Offshore contracts by scope of work in Q4 2021

During the quarter, the majority of contracts in the offshore were awarded in the operations & maintenance with 433 contracts, followed by procurement and design & engineering with 144 and 122 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.