Technical FAQs 4

How big is global offshore oil & gas EPC Contracting?

Global offshore oil and gas EPC contracts to hit US$54bn in 2025 Global EPC (engineering, procurement and construction) contracting in the offshore oil and gas sector continues to flourish, despite headwinds in the fossil fuel industry.

Will global EPC Contracting grow in 2025?

Global EPC (engineering, procurement and construction) contracting in the offshore oil and gas sector continues to flourish, despite headwinds in the fossil fuel industry. Westwood Global Energy, an energy market research firm, reports a steady demand for hydrocarbons and predicts significant contract awards in 2025.

How big is offshore EPC investment in 2024?

Projects involving subsea equipment, offshore platforms, floating production systems and LNG (liquefied natural gas) infrastructure are expected to drive billions in investment. In 2024, offshore EPC activity remained robust, with subsea and platform contracts alone valued at approximately US$52bn.

How much will offshore oil & gas contracts cost in 2025?

Westwood predicts a conservative growth of 1% in offshore oil and gas-related EPC contracts for 2025, with a projected total value amounting to US$54bn. This modest increase mirrors the ongoing repercussions of supply chain cost inflations that have hindered several projects since 2022.

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