Following the initial surge in emergency response to the Gulf of Mexico oil spill, BP is in negotiations with several contractors to clean up paperwork and settle hundreds of million of dollars in payment disputes. Several contractors are claiming overdue invoices related to cleanup efforts following the April 20 explosion on BP’s Deepwater Horizon rig. The overdue payments, some more than 120 days old, are needed to pay employees, subcontractors and suppliers. Loupe Construction of Reserve, La., which was BP’s largest prime emergency-response contractor in St. Bernard Parish, La., claimed it was owed roughly $100 million. By early November, DRC
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.