Cost Control Engineer

3 weeks ago

Sharjah, Sharjah, United Arab Emirates Petrofac Emirates Full time
Roles and responsibilities
  • Establish a process forinformation flow regarding each expense head, including designheads, equipment/material procurement, logistics costs,mobilization and demobilization of personnel/machinery,subcontractor costs/claims, and other relevant costs such ascustoms, duties, liabilities, andinsurance.
  • Provide assigned project costestimates, including material, manpower, equipment/material costs,subcontracts, third-party services, and financial costs,etc.
  • Coordinate with project engineers toclarify any queries or discrepancies.
  • Determinethe "Estimate to Complete" (ETC) cost for theremaining works and coordinate with different disciplines to gatherETC data.
  • Prepare periodic reports on thestatus of incurred costs and variations between budgeted vs. actualcosts, in consultation with the supervisor/ProjectManager.
  • Monitor costs, generate variancereports as needed, and forward them to the Supervisor/ProjectManager for review.
  • Assess potentialvariations/claims from subcontractors andvendors.
  • Participate in project reviewmeetings, if required, and provide cost-related data asneeded.
  • Interface with project engineers andAccounts to provide clarifications and assistance asrequired.
  • Propose new suggestions andcontinuously improve and update the processes for effective costcontrol.
  • Develop a historical cost database forprojects to aid future reference.
  • Providetraining and guidance to new or junior Cost Controlpersonnel.

EssentialQualifications And Skills

  • Bachelor's degree inengineering.
  • Minimum of 15 years ofprofessional experience, including:
    • At least 5years in the cost control function of EPC mediumprojects.
    • Preferably the last 2 years in thecost control function within the Oil & Gassector.
Desired candidate profile

  • Cost Estimation andBudgeting:

    • Develop andmanage cost estimates for projects from the initial planning phasethrough completion. This includes calculating material, labor,equipment, and overhead costs.
    • Collaborate withproject managers and engineers to prepare detailed budgets forengineering projects, ensuring alignment with financial goals andproject objectives.
    • Monitor and review projectbudgets throughout the life cycle of the project, adjustingforecasts as necessary to reflect changes in scope or unforeseencosts.

  • CostControl and FinancialMonitoring:

    • Track andanalyze actual costs against budgets, identifying discrepancies andproposing corrective actions to avoid budgetoverruns.
    • Use cost control software andfinancial systems to provide real-time monitoring and reporting ofproject costs and financialperformance.
    • Conduct regular financial reviewsand audits to ensure compliance with budget, financial policies,and procurementguidelines.

  • RiskManagement:

    • Identifypotential financial risks and uncertainties that could impact theproject budget and timeline, and develop strategies to mitigatethose risks.
    • Assist in developing contingencyplans to account for unforeseen expenses or changes inscope.

  • CostReporting andDocumentation:

    • Preparedetailed cost reports, financial analysis, and progress updates forsenior management, stakeholders, andclients.
    • Ensure proper documentation ofcost-related data, including invoices, procurement records, andchange orders, to maintain transparency andaccountability.

  • Forecastingand VarianceAnalysis:

    • Produce costforecasts based on project progress, identifying potential costoverruns or savings and providing early warning tostakeholders.
    • Perform variance analysis tocompare actual costs against forecasts and identify areas forimprovement or correctiveactions.

  • Collaborationand StakeholderCommunication:

    • Workclosely with project managers, procurement teams, contractors, andother stakeholders to understand cost drivers, negotiate prices,and ensure alignment on costexpectations.
    • Provide cost-related advice andrecommendations to senior leadership, helping them make informeddecisions about resource allocation, scheduling, and riskmanagement.

  • ContractManagement and ChangeOrders:

    • Oversee andmanage cost implications related to contract management, includingreviewing and analyzing contract terms, change orders, andclaims.
    • Ensure that change orders are properlydocumented and that the associated costs are integrated into theoverall projectbudget.
Key Skills
Cost Control,CostPlanning,Engineering Mathematics
EmploymentType : Full-time
Department /Functional Area: Engineering
Experience: Not Mentioned years
Gender: Male
Vacancy: 1
Joining Date: Sun, 02 Mar2025

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