Report: Operation and maintenance makeup major share of oil and gas contracts

25 May 2017 (Last Updated May 25th, 2017 18:30)

Operation and maintenance (O&M) comprised 48% of the global oil and gas contracts awarded in April 2017, according to a report by GlobalData.

Report: Operation and maintenance makeup major share of oil and gas contracts

Operation and maintenance (O&M) comprised 48% of the global oil and gas contracts awarded in April 2017, according to a report by GlobalData. 

Titled 'Monthly Oil & Gas Industry Contracts Review – Yinson Clover’s FPSO Contract Leads Contracts Activity in APAC Region', the report covers the oil and gas contract activity in the month of April. 

O&M contracts were followed by multiple scope agreements, including construction, design and engineering, installation, and procurement, which accounted for 22% of global oil and gas deals. 

"O&M contracts were followed by multiple scope agreements, including construction, design and engineering, installation, and procurement."

The biggest contracts awarded were in the APAC region, including Talisman Vietnam’s $1bn contract to Yinson Clover for operation and maintenance of a floating production, storage and offloading (FPSO) vessel for the Ca Rong Do (CRD) field in the Eastern Sea, Vietnam.

Talisman’s contract was followed by Petronas Carigali’s $226.8m engineering, procurement, construction, installation and commissioning (EPCIC) contract awarded to Malaysia Marine, and Heavy Engineering’s contract for a central processing platform (CPP) for the Bokor Phase 3 redevelopment project offshore Malaysia. 

Hyundai Engineering & Construction emerged as the top contractor winning contracts worth $6.35bn between May 2016 and April 2017. Saudi Aramco was the top issuer, followed by Tengizchevroil with contracts worth $4.17bn and $3.88bn respectively.