Cost Control Specialist

Overview

The Cost Control Specialist will play a central role in managing financial aspects of oil and gas construction projects. The professional will be responsible for planning, monitoring, and controlling project costs throughout the project lifecycle to ensure budget adherence and enable sound financial decisions.

Responsibilities

• Design and manage an effective project cost control system that includes budgets and cost breakdown structures.
• Track project spending and compare with approved budgets, promptly identifying and reporting any discrepancies.
• Compile and distribute detailed periodic cost reports on a weekly and monthly basis.
• Collaborate closely with the Planning and Scheduling team to sync cost performance with project schedules.
• Assess and confirm accuracy of invoices from contractors and subcontractors and manage payment approvals.
• Manage tracking of change orders and evaluate their financial impact on projects.
• Coordinate with procurement, engineering, and construction units to ensure accurate capture of cost information.
• Prepare and submit client invoices monthly and follow through to obtain timely payment approvals.

Requirements

• Bachelor's degree (BE or BTech) in Civil Engineering, Mechanical Engineering, Quantity Surveying, Finance, or related disciplines.
• 10 to 12 years of relevant experience in cost control or project controls, with a minimum of 5 years specifically in Oil & Gas construction or EPC projects.
• Extensive expertise with large-scale projects and thorough understanding of EPC contractual structures including Lump Sum, Reimbursable, and Unit Rate arrangements.
• Proficiency in cost control software tools and strong analytical and financial modeling capabilities.
• In-depth knowledge of Earned Value Management techniques.
• Strong communication skills coupled with effective management capabilities.
• Meticulous attention to detail and commitment to accurate financial reporting.
• Ability to perform efficiently under pressure and meet strict deadlines.
• Experience with contract administration and change management procedures.