Cost Estimation Engineer

5 days ago

Abu Dhabi, 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 stakeholder.
  • Prepare and manager project budgets.
  • Collaborate with projects 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.

If you have the skills and are interested, please apply at ,

Job Description

Skills & Experience:

  • Minimum 15+ years of oil & gas experience.
  • Experience in Feasibility, Concept, FEED, Design, FEED, Design, Project Management.
  • Minimum 10 years' experience in Offshore projects
  • Minimum 5 years' experience in PMC projects
  • Bachelor's degree 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.
Desired candidate profile

  • 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.

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