Saipem has topped the list of top oil and gas industry contractors, bringing in more than $19 billion over the past year.
According to research from GlobalData Energy, the oil and gas industry reported 1,142 contracts during the first quarter of the year.
Between the second quarter of 2023 and the first quarter of 2024, Saipem took the top spot by contract value. By region, the Middle East was the most active, with ADNOC ranking as the top contract issuer, awarding contracts worth $27.26bn, followed by Saudi Aramco with $24.14bn.
By sector, upstream was the most active, sector leads in terms of the total number of contracts during the quarter, with more exploration drilling and support vessel contracts, issuing 842 contracts during the first quarter of 2024.
Midstream and downstream issued 162 and 155 contracts, respectively, during the first quarter.
In addition, operation and maintenance deals accounted for 59%, or 670, of the total contracts awarded in the quarter.
1. Saipem
Saipem led the pack, bringing in over $19.48bn of contracts from the second quarter of 2023 to the first quarter of 2024.
The majority of its haul came from the Middle East, followed by Europe, while South America represented a smaller slice for the company and Africa offering up a similar chunk.
Of its total, $8.43bn came from the upstream sector, where Saipem was the top contractor, and $11.05bn from midstream, where it was the second biggest contractor.
Brazil recently barred the company from winning new government work for two years. A 2019 investigation into Saipem focused on a 2011 gas pipeline contract said there had been “alleged irregularities in the award”.
Last month, Saipem won a $1.5bn contract in Guyana to supply ExxonMobil with a subsea production facility for its Whiptail ultra-deepwater field.
In addition, Saudi Aramco suspended oil drilling contracts with the group as Saudi Arabia aimed to plateau oil production. However, Saipem said that it expected the suspension to have little effect on its 2024 targets.
© Supplied by Saipem2. HD Hyundai
HD Hyundai, including its HD Hyundai Heavy Industries, HD Hyundai Mipo and Hyundai Samhon subsidiaries, came second, making $16.6bn from midstream contracts across the twelve-month period.
It was the also the top contractor in the first quarter of 2024, bringing in $4.79bn through contracts on LPG, VLGC, and LNG carriers, product tankers, and FSRU.
Geographically it saw a good spread, with Asia providing the largest segment, and Europe and the Middle East at similar sizes. Smaller sections came from North America, Oceania and Africa, though it made nothing from South America
This quarter, HD Hyundai brought in Wood to design the topsides for Trion, a new oil project in the Gulf of Mexico from Australian energy giant Woodside.
Hyundai is providing the engineering, procurement and construction (EPC) services for the project.
The company also forged a partnership with the Scottish Government to “pursue opportunities for floating offshore wind projects” in the country.
3. Maire Tecnimont
Italian-headquartered Maire Tecnimont brought in somewhere around $14bn of contracts.
It was also the top downstream contractor, bringing in $5.18bn in contracts over the past four quarters.
Its share of global contracts was dominated by the Middle East, covering about three quarters of its total, with small slices in Africa and Asia.
The group, through its subsidiary Tecnimont, received a $1.1bn engineering, procurement, construction and commissioning (EPCC) contract from Algeria’s Sonatrach for a linear alkyl benzene plant this quarter.
4. Technip Energies
Bringing in just shy of $12bn, TechnipEnergies’ contracts were also dominated by the Middle East, providing the vast majority of its haul.
TotalEnergies awarded the company an estimated $1bn contract for EPC services for the Marsa LNG bunkering and export terminal project, in Oman.
Harbour Energy recently selected Technip Energies as the front end engineering and design (FEED) contractor for its Viking carbon capture and storage (CCS) project.
And the company was among multiple recipients for a $4bn raft of Teesside net zero contracts.
© Supplied by Technip5. Larsen & Toubro
Indian multinational Larsen & Toubro made roughly $10bn. Like many of the oil and gas contractors, its contracts mostly came from the Middle East, with smaller slivers from also coming from Asia and Oceania.
Its awards include a $1.3bn contract from QatarEnergy (QE) for a riser platform at the offshore Al-Shaheen field.
The company’s subsidiary L&T Energy Hydrocarbon also secured a contract worth between $120mn – $300mn from India’s Oil & Natural Gas Corporation (ONGC) covering new gas compressor modules for a project in India.
In addition, L&T Energy Hydrocarbon received a contract for two 56-inch pipelines from an unnamed Middle East client in a deal worth between $603.5mn – $1.2bn.
6. Samsung Heavy Industries
Coming in at around $10bn, Samsung Heavy Industries’ awards were well spread geographically, with the Middle East and North America holding the largest shares, with respectable slices in Africa and Oceania as well.
It was also the second biggest contractor for the first quarter of this year, largely boosted after an unnamed Middle Eastern shipowner ordered 15 LNG carriers from the company in a deal worth $3.44bn.
The LNG carriers are scheduled to be sequentially delivered to ship owners by October 2028.
© Bloomberg7. Hyundai E&C
South Korean Hyundai Engineering & Construction made more than $7bn entirely from Middle Eastern contracts.
The majority of this came from the first quarter of this year, when the company made $5bn. This was the second highest total from a contractor during the period.
8. Tecnicas Reunidas
Spain’s Tecnicas Reunidas saw a respectable haul, receiving almost all its work from the Middle East.
Its first quarter haul received a significant boost as the company, as part of a joint venture with Sinopec Engineering Group (SEG), secured two lumpsum contracts worth approximately $3.3bn from Saudi Aramco for EPC work at the Riyas Natural Gas Liquids (NGL) fractionation facility.
The first package involves developing two 255,000bpd fractionation trains, while the second covers common facilities such as utilities, storage, and export facilities in Saudi Arabia.
With Tecnicas Reunidas owning 65% of the joint venture, its share of the contract is over $2.15bn.
9. Hanwha Corp
South Korea’s Hanwha Corp had a more even spread than its competitors, with Oceania providing more than half of its approximately $5bn contract haul, and Europe, Asia and North America providing respectable slices.
Hanwha Ocean (formerly DSME) secured a contract a $1.84bn to build eight 174,000-cubic-metre LNG carriers for a client in Oceania.
10. TechnipFMC
Technip FMC may be number ten, but it was the second biggest upstream contractor between quarter two 2023 and quarter one 2024, when it obtained contracts worth $3.65bn.
This brought its overall haul to circa $5bn, with South America being its most active region.
Its contract total received a boost from Petrobras, which awarded the group an integrated engineering, procurement, construction, and installation services deal for the Mero 3 High-Pressure Separation project, with TechnipFMC saying the contract was worth over $1bn.
BP awarded TechnipFMC a contract valued between $75 million and $250million to install pipe and umbilicals at the Mad Dog Phase 2 project in the Gulf of Mexico.