About the Role This position is responsible for establishing, maintaining, monitoring, and forecasting project costs throughout the project lifecycle. The individual will ensure cost visibility, support informed decision-making, and provide accurate project performance reporting to enable successful project delivery within approved budgets. Acting as the custodian of project cost performance data, the Cost Engineer will integrate cost management, change management, earned value analysis, cost forecasting, and cost risk assessment into a structured project controls framework. The role will involve evaluating project changes and variation orders, determining impacts on project scope, Work Breakdown Structure (WBS), Control Accounts, budget, and forecast, quantifying internal cost impacts, and preparing robust commercial substantiation for client and subcontractor claims.
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Responsibilities
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Cost Planning & Budget Controls:
- Establish and maintain project budgets consistent with approved estimates and execution strategies.
- Develop and implement the Project Cost Architecture, including the Work Breakdown Structure (WBS), Cost Breakdown Structure (CBS), control accounts, and budget allocation, aligned with the contractual structure and project schedule.
- Ensure Control Accounts are set up, and all budget data is coded and configured on the Project Cost Control Platform.
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Lead all project change and variation cost assessments:
- Evaluate project changes and variation orders, determining impacts on project scope, WBS, Control Accounts, budget and forecast, quantifying internal cost impacts.
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Cost Monitoring, Forecasting & Project Performance Analysis:
- Conduct trend analysis and identify potential cost overruns and improvement opportunities.
- Record/Track commitments and forecasts throughout the project lifecycle.
- Prepare Estimate at Completion (EAC), Estimate to Complete (ETC), and Variance at Completion (VAC) forecasts and report to Project Controller.
- Maintain accurate updates of cost distribution over time periods in meeting annual/quarterly targets.
- Implement Earned Value Management (EVM) using the Project Cost Control platform and monitor CPI, SPI, CV, and SV metrics.
- Prepare the Cost Control Reports and Project Net Cash Flow in liaison with Project Controller.
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Contract/Commercial Support:
- Serve as the focal point between Project Controls, Engineering, Procurement, Construction, and Commercial functions to ensure all project changes are accurately assessed, captured, forecast, and recovered.
- Support quantitative risk assessments and cost contingency analysis.
- Review contractor invoices, commitments, and payment applications.
- Ensure alignment between schedule, progress, and cost reporting with cross-functional coordination.
Experience
- Bachelor’s Degree in Engineering, Quantity Surveying, Construction Management, Finance, or related discipline.
- 8–15+ years of experience in project controls or cost engineering within Oil & Gas, LNG, Petrochemical, Refinery, Offshore, or EPC projects.
- AACE Certified Cost Professional (CCP) /Earned Value Professional (EVP) (Preferred).
Expertise
- Cost Control
- Cost Forecasting
- Earned Value Management (EVM)
- Change Management
- Risk/Contingency Management
- Primavera P6
- SAP
- Power BI/Advanced Microsoft Excel
Equal Employment Opportunity
This organization is an equal employment opportunity employer. Qualified applicants are considered without regard to race, color, religion, sex, national origin, age, disability, or other characteristics protected by law.
