As backlogs and revenues continue to be strong and on an upward path for most global engineering and construction (E&C) firms, competition for the best projects has increased. The energy industry’..
As backlogs and revenues continue to be strong and on an upward path for most global engineering and construction (E&C) firms, competition for the best projects has increased. The energy industry’s turbulence and new sense of urgency have imposed aggressive schedules in the bidding phase. Result: E&C companies are responding with more aggressive bids, which, in turn, create more uncertainty over cost estimates and project scopes.
Resource shortages and other factors have played a major role in elevating project costs, and owners have responded by pushing E&C companies to provide lump-sum bids. In addition, owners have compressed the front-end engineering and design (FEED) stage of pr
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