The oil and gas sector has seen some drastic changes in the past year, and so have engineering, procurement and construction (EPC) contractors followed suit to cater to an ever-changing industry. As the region’s national oil companies have moved to integrate vertically and boost their downstream portfolios, so, too have EPC contractors.
EPC contractors are shifting to adapt to an environment that requires they be more ambitious, and more versatile, while maintaining financial discipline to suit the changing needs of the region’s oil and gas companies.
SNC-Lavalin posted a $1bn loss in 2018, mostly due to a tax goodwill impairment charge. 25% of its revenue in 2018 came from the oil and gas sector, and the same proportion came from the Middle East. However, the company wrote down the value of its energy unit by $937mn amidst a diplomatic dispute between KSA and Canada.
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