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Cost Estimation Engineer

1 month ago

Abu Dhabi, United Arab Emirates Penspen Full time
Roles and responsibilities

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 AnalysisExpertise 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 BudgetingStrong 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 ManagementAbility 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.

Desired candidate profile

Cost Estimation and AnalysisDevelop 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 ControlAssist 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 PlanningIdentify 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 ManagementWork 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 DocumentationProvide 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.

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