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RPME: 2016 Top 30 EPC Contractorsby Arabian Oil & Gas Staff on May 10, 2016
2015 was a sobering year for businesses worldwide. China, the world’s second largest economy and top importer of Middle East crude, experienced one of its lowest economic growth rates in recent history, sending demand down and creating massive oversupply across a number of oil-related industries.
This, coupled with record high production both from OPEC member countries and rival US shale producers, led to oil prices hitting a 13-year low — from peaks of $116 per barrel in mid-2014 to below $30 in January this year. Producers, especially those with high production costs, were essentially brought down to their knees, having to cut spending and put new and existing projects on hold or scrap them altogether.
For the world’s top engineering and construction firms, which generate a solid part of their revenue off the back of oil and gas developments, the recent oil price slump has meant huge financial losses, massive divestments and even downsizing and restructuring the business.
In this year’s Top EPC Contractors List we rank, name and profile all major players in the construction industry that managed to stay afloat during one of the worst crises in the oil industry to date.
Read on to know the Top 10 contractors .....