The typically methodical nature of oil and gas facility development could not fully insulate the sector’s construction activity from the economic roller coaster of the past 12 months, which saw commodity prices for crude oil skyrocket to $140 a barrel, than plummet just as quickly to the low $30s as motorists and industries around the world slashed consumption. Photo: Bechtel Work on Motiva’s Port Arthur refinery could ramp up by beginning of the new year. Photo: Bechtel Keystone pipeline will bring Canadian crude to the U.S. “The market downturn and financial crisis curbed everything,” says Peter Stalenhoef, president and COO
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.