Cost Control Engineer

Key Requirements: -

• Bachelors degree in Mechanical
• Min 10 years’ experience in Oil & Gas
• Proficiency in financial analysis, EPC budgeting, cost estimation and Construction Cost analysis. Good understanding of controllable cost drivers in the EPC context
• Knowledgeable in Total Cost Management Concepts & Terminologies
• Strong understanding of project cost management principles and practices
• Hands on experience with SAP and / or any cost booking / management interface
• Proficient in the use of project management software and financial tools
• Knowledge of accounting principles, financial regulations, and cost control methodologies.
• Proficiency in Advance Excel
• Excellent communication and interpersonal skills

Job Responsibilities: -

• Develop and implement cost planning strategies for Oil & Gas fabrication projects, including detailed estimates, budgets, and forecasts.
• Prepare and analyze cost-to-complete (CTC) reports at various stage gates and phases of the projects utilizing the software SAP & ERP.
• Conduct regular analysis of costs, including direct and indirect expenses, and identify trends, patterns, and opportunities for cost savings. Analyze financial data and provide insights to senior management.
• Regularly monitor actual project expenditures against the budget and forecast future costs. Prepare detailed cost reports and financial summaries to present to project managers and senior management.
• Implement effective cost control measures to monitor, analyze, and report on project expenditures, identifying areas of variance and proposing corrective actions.
• Conduct in-depth financial analysis to assess project performance, cost trends, and potential risks, providing insights to support decision-making.
• Prepare accurate and timely financial forecasts, considering project milestones, deliverables, and potential changes in scope.
• Conduct regular variance analysis comparing actual costs against budgeted costs, providing explanations for any discrepancies.
• Assess the financial impact of changes in project scope or requirements, working closely with project managers to evaluate and approve change orders.
• Collaborate with project management, procurement, and other relevant teams to gather cost-related information and ensure alignment with project objectives.
• Identify potential financial risks associated with project delays, cost overruns, and other issues. Develop and implement strategies to mitigate these risks.