Cost Engineer

Purpose

The Cost Engineer is responsible for developing, managing, and overseeing project cost estimation, budgeting, and financial planning throughout the project lifecycle. The role ensures cost-effective project execution by providing accurate estimates, monitoring expenditures, analyzing variances, and supporting decision-making in line with project schedules and execution plans.

Key Responsibilities

Cost Estimation & Budgeting

• Develop accurate cost estimates during project initiation and design phases.
• Establish the initial project budget using technical and commercial data.
• Prepare cost estimates for design or execution changes.
• Provide cost input for validating supplier changes and client change requests.

Cost Control & Reporting

• Apply corporate cost control methodologies to project activities.
• Monitor project expenditures, identifying potential overruns or underruns.
• Conduct cost trending and earned value analysis to support forecasting.
• Prepare monthly cost forecasts and contribute to cost control reports.
• Support financial reporting for senior management.

Risk & Change Management

• Identify and prepare variation orders for approval and submission.
• Evaluate cost risks and support mitigation strategies.
• Promote cost awareness across the project team.

Stakeholder Collaboration

• Work closely with Planning, Procurement, Contracts, Engineering, Construction, and Finance teams to gather inputs and support decision-making.
• Ensure accurate and timely cost information is shared with project stakeholders and estimating teams.

Education

• Bachelor’s degree in Engineering, Construction Management, Finance, or a related technical field.
• Professional certifications (AACE, CCE, PMP) are a plus.

Experience

• 3–5 years of experience in cost engineering, estimating, or project cost control.
• Experience in construction, offshore, shipbuilding, oil & gas, or similar industries preferred.

Skills & Attributes

• Strong analytical and problem-solving abilities
• High attention to detail and data accuracy
• Advanced Excel skills; ability to learn specialized software
• Effective communication and teamwork skills
• Strong planning and prioritization ability
• Fluent in English