Cost Estimation Engineer

We are looking for a Senior Engineer Cost Estimation with Offshore experience to be based in Abu Dhabi.

• Develop detailed cost estimates for various phases in oil & gas projects.
• Identify and evaluate cost risks and develop strategies.
• Prepare and present cost reports, including variance analysis and cost performance metrics.
• Liaise with clients, vendors and contractors to obtain and validate cost data.
• Communicate cost estimation methodologies and results to stakeholders.
• Prepare and manage project budgets.
• Collaborate with project planners to integrate cost estimates with project schedules.
• Ensure all cost estimation activities comply with company policies, industry standards and regulatory requirements.
• Stay updated with advancements in cost estimation techniques and tools.

Skills & Experience:

• Minimum 15+ years of oil & gas experience.
• Experience in Feasibility, Concept, FEED, Design, Project Management.
• Minimum 10 years’ experience in Offshore projects.
• Minimum 5 years’ experience in PMC projects.
• Bachelor’s degree in Engineering or equivalent from an accredited university.
• Proficiency in MS Office & MS Project.
• Proficiency in reading, writing, and speaking English.

Cost Estimation and Financial Analysis

• Expertise in preparing cost estimates for materials, labor, and equipment, using a range of methods and tools (e.g., unit cost, parametric estimation, and analogy-based estimation).
• Strong ability to break down project scope and requirements into detailed cost components, ensuring that every aspect of the project is covered.
• Proficiency in analyzing cost data and market trends to create accurate cost projections and identify potential savings.

Project Management and Budgeting

• Strong project management skills to manage the preparation and monitoring of budgets, schedules, and cost forecasts.
• Experience in working with project managers and engineers to integrate cost estimation into the overall project plan and ensure alignment with timelines and scope.
• Ability to track and report on project costs and manage changes in scope or unforeseen cost escalations.

Risk Management

• Ability to identify potential risks in cost estimation and develop contingency plans to mitigate cost overruns.
• Knowledge of risk management techniques, such as sensitivity analysis, Monte Carlo simulations, and scenario analysis, to assess the impact of various factors on project costs.

• Cost Estimation and Analysis

  • Develop accurate and detailed cost estimates for materials, labor, equipment, and overhead costs for large-scale engineering projects.
  • Analyze project specifications, drawings, and scope of work to create detailed and accurate cost estimates for all project phases (design, procurement, construction, commissioning, etc.).
  • Use historical data, market trends, and industry benchmarks to refine cost estimates and ensure they are realistic and competitive.
  • Prepare cost breakdown structures and ensure alignment with project timelines and requirements.

• Budget Preparation and Control

  • Assist in the preparation of project budgets and ensure that cost estimates align with overall project financial goals.
  • Monitor and track project costs throughout the project lifecycle, ensuring that any deviations from the budget are promptly identified and addressed.
  • Collaborate with project managers and engineers to update cost estimates as the project scope evolves or changes during the execution phase.
  • Recommend cost-saving strategies and improvements to reduce expenses without compromising quality or project objectives.

• Risk Management and Contingency Planning

  • Identify potential risks or uncertainties in the cost estimation process and develop contingency plans to address them.
  • Perform sensitivity analyses to assess the impact of various risk factors on the overall cost structure.
  • Build appropriate risk allowances and contingencies into cost estimates to ensure that unforeseen issues can be managed effectively.

• Procurement and Contract Management

  • Work closely with procurement teams to identify suitable suppliers and vendors for materials, equipment, and subcontractors, ensuring that costs are competitive and aligned with project budgets.
  • Assist in the preparation of tender documents, ensuring that cost estimates are included and reflect the true cost of procurement and contract terms.
  • Evaluate bids and proposals from contractors and suppliers, ensuring that they are accurate and cost-effective.
  • Monitor contract performance to ensure that costs are controlled and that contractors adhere to budgetary constraints.

• Cost Reporting and Documentation

  • Provide regular updates and reports on cost status to senior management, stakeholders, and project teams, ensuring transparency and visibility into project finances.
  • Prepare detailed cost reports that document the assumptions, methods, and data sources used in cost estimations.
  • Maintain accurate records of estimates, bids, contracts, and any changes to project costs for future reference and audits.