Europe, the Middle East and Africa (EMEA) experienced great activity in the oil and gas contracts in April 2016, says a report by GlobalData. The activity was driven primarily by the multiple contracts received by Wood Group from major oil companies.
Titled ‘Monthly Oil & Gas Industry Contracts Review – Wood Group’s Engineering Service Contracts Drive Activity in the EMEA Region‘, the report claims that a $500m contract received from BP accounts for the top contract secured by Wood Group in April. The five-year engineering, procurement and construction management services contract is for the Azerbaijan sector of the Caspian Sea and represented 48% of the total awarded contracts.
Other notable contracts obtained by the group include a $150m operation, maintenance and technical support contract in the UK continental shelf (UKCS) from Nexen Energy, followed by contracts from Statoil, which focused on engineering services and studies for subsea field, pipelines and increasing the lifetime of pipeline systems.
The report also outlines the top contractors, which include Daewoo Engineering & Construction with contracts totalling $8.94bn, followed by Hyundai Engineering & Construction with contracts worth $8.8bn. KNPC was the top contracts issuer with $17.3bn worth of issued contracts, followed by Statoil with $7.37bn.
The leading category in awarded contracts was operations and maintenance, which accounted for 48% of the total contracts awarded in April. Contracts that included multiple services, such as design and engineering, procurement, operations and maintenance, construction and installation were the second most awarded category with a 21% share in the total contracts.