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Category
Procurement, Supply Chain & Cost
Reports To
Lead Cost Engineer / Project Controls Manager
Position Overview
The Cost Engineer (Offshore) is responsible for cost estimation, budgeting, forecasting, and cost control across the lifecycle of offshore oil & gas and subsea projects. This role provides the financial intelligence that underpins project decision-making, from concept selection through execution and close-out, ensuring projects are delivered within approved budgets.
Key Responsibilities
- Develop project cost estimates from concept through detailed execution levels (Class 5 through Class 1/2 AACE estimates)
- Establish project cost baselines and budgets; manage cost allocation structures and work breakdown matrices
- Monitor and report project cost performance including commitments, expenditure, forecasts, and variance analysis
- Perform earned value analysis (EVA) to assess project cost and schedule performance indices
- Review and validate contractor and vendor invoices against contracted scopes and quantities
- Prepare cost reports, trend analyses, and change order impact assessments for project management review
- Support project change management through cost impact assessments and justification documentation
- Coordinate with procurement, engineering, and construction teams on cost-related interfaces
- Develop cost benchmarks and parametric models for early-phase project estimates
- Conduct project close-out cost analysis and compile lessons learned for future estimation improvement
Qualifications
Required
- Education: Bachelor's degree in Engineering, Quantity Surveying, Construction Management, or related field
- Certifications: AACE CCP or CEP certification preferred; PMP advantageous
- Experience: Minimum 5 years in cost engineering for offshore oil & gas or subsea projects; experience across multiple project phases
- Technical Skills: Cost estimation methodologies (parametric, bottom-up); EVM systems; ERP/project controls software (SAP, Primavera, Ecosys); AACE standards; data analytics
Preferred
- Subsea or SURF project cost engineering experience
- Experience with international EPCI project cost control
- Risk-based estimating (Monte Carlo simulation) expertise
- Offshore wind project cost benchmarking knowledge
Market Intelligence
$450–$750/day
Shortage Level: Moderate
Key Skills Gap: Cost Engineers with offshore-specific project experience who understand the unique cost drivers (vessel spread rates, weather downtime, long-lead equipment); generalist cost engineers need significant ramp-up time
Regions in Highest Demand: Middle East, North Sea, Southeast Asia, Houston (US)
Demand Drivers: Increased capital project activity requiring robust cost controls; margin pressure driving demand for accurate estimation; energy transition projects requiring new cost benchmarks