Keppel increases oil and gas contracts with Brazil’s Buzios FPSO in Q3 2022

Oil and gas contracting activity in the third quarter of 2022 saw a slight decline in the number of contracts. However, contract value increased to $47.7 billion in the third quarter of 2022, compared to $38.8 billion in the second quarter of 2022. Notable contracts during the quarter included two Keppel shipyard contracts worth a combined $8.76 billion from Petrobras for the design, procurement and construction (EPC) of the P-80 and P-82 FPSOs and the P-83 vessel to be deployed in the Buzios field in Brazil; ADNOC Drilling” awarded two contracts totaling more than $3.4 billion from ADNOC offshore, and ADNOC signed five framework agreements worth $1.83 billion with Al Ghaith Oilfield Supplies and Services Company, Al Mansoori Directional Drilling Services, Schlumberger Middle East, Haliburton Worldwide Limited Abu Dhabi and Weatherford Bin Hamoodah Company and China Merchants Energy Shipping have secured charter contracts worth $1.81 billion for three LNG carriers from Sinochem Petroleum Shipping Singapore.

Contracts by volume and quantity, 3rd quarter 2022

The exploration and production sector reported 1,118 contracts during 3Q2022, followed by the refining/petrochemicals and intermediates sectors with 249 and 203 contracts, respectively, for the quarter.

Europe recorded the most contracts with 480 contracts in the third quarter of 2022, followed by North America and Asia with 430 and 377 contracts respectively during the quarter. Operations and maintenance (O&M) accounted for 53% of total contracts in Q3 2022, followed by procurement at 24%, and contracts with different scopes such as construction, design and engineering, installation , maintenance and procurement, which accounted for 12%.