Summary
This benchmarking report analyzes the variations in project costs from Q3 2024 to Q1 2025, focusing on both offshore and onshore projects. The analysis serves multiple purposes, including verifying capital cost estimates against global market changes and assessing the impact of technical changes on project cost estimates. The report details that average total costs for all project types varied globally, with offshore costs ranging between -1.3% and +2.0%, and onshore costs between -0.6% and +1.8%. It highlights that cost changes had a more significant impact on project costs than technical adjustments. The report documents specific cost variations by region and component type, noting that installation costs showed the most notable changes. Additionally, it discusses the influence of currency fluctuations on costs and presents trends in the offshore rig market, including challenges and resilience in the face of economic factors. Overall, the report provides a comprehensive view of how project costs are expected to change due to various influences.
