In the third quarter of 2024, the global oil and gas industry experienced a significant decline in the total disclosed contract value, dropping by 35% from $55.3 billion in Q2 to $35.7 billion. Despite this downturn in value, the volume of contracts remained relatively stable, with 1,519 contracts recorded in Q3 compared to 1,546 in the previous quarter. This stability in contract numbers was largely attributed to substantial projects in the Middle East, notably Saipem's $4 billion contract with QatarEnergy and multi-billion-dollar agreements from Saudi Aramco.