The Lead Cost Controller is responsible for managing and controlling the project’s financial performance for the Offshore Substation project. This role involves overseeing all cost-related aspects of the project, ensuring that it stays within budget, and providing timely and accurate cost reporting to the Project Manager and senior management. The Lead Cost Controller will work closely with project teams to track expenses, manage forecasting, identify cost-saving opportunities, and mitigate financial risks.
DUTIES & RESPONSIBILITIES
Cost Control and Budget Management:
- Work with the project team to develop and maintain the project’s detailed cost estimates and budgets. Ensure that all elements of the project are accurately included in the budget, including engineering, procurement, construction, transport & installation, and commissioning costs.
- Monitor continuously the actual costs versus the approved budget. Track and manage project expenditures and variances, ensuring costs are accurately recorded, categorized, and controlled.
- Prepare regular cost forecasts on a quarterly basis, identifying trends and predicting future costs. Update cost forecasts based on project performance, changes in scope, or unforeseen circumstances, and provide timely updates to Project Manager and senior management.
- Ensure that project costs are accurately allocated to the relevant department (engineering, procurement, construction, etc.) and work packages, following the project’s cost structure.
Financial Reporting:
- Prepare regular (monthly/quarterly/biannually/annually) cost reports for the Project Manager, senior management, and Employer, detailing project cost performance as the part of Project Report and for the internal use in the project team.
- Develop key performance indicators (KPIs) for cost management, such as cost performance index (CPI), schedule performance index (SPI), and earned value (EV), and present this data to the project team and senior management.
- Perform detailed analysis of cost overruns, identify root causes, and propose corrective actions to bring the project back on track. Report and explain deviations from budget, highlighting potential risks or opportunities for cost-saving.
Change Management:
- Manage and track changes to the project scope, ensuring that all change orders and variations are correctly documented and accounted for. Ensure that cost implications of changes are assessed, approved, and incorporated into the budget.
- Work closely with the engineering, procurement, construction, and commissioning teams to evaluate the cost impact of changes and ensure that the Employer is informed of the financial impact as the part of Progress Report.
Risk Management:
- Identify and assess potential financial risks (e.g., price fluctuations, contractor claims, schedule delays) throughout the project lifecycle. Implement strategies to mitigate cost-related risks and propose contingency plans.
- Track project cash flow, ensuring that costs and payments are aligned with the project schedule. Ensure timely invoicing and payment processing, and monitor cash flow to maintain adequate liquidity.
Coordination with Project Team:
- Work closely with quantity surveyor, project engineers, procurement, construction, and commissioning teams to monitor project activities and track all associated costs. Provide regular updates to ensure all project departments are aware of cost implications.
- Support internal and external audits of the project’s financial records and ensure compliance with financial controls, procedures, and industry standards.
Cost Optimization & Value Engineering:
- Identify opportunities for cost optimization and efficiencies across the project. Work with the project team to evaluate cost-saving initiatives, alternative suppliers, and methods to reduce overall project costs without compromising quality or safety.
- Work closely with quantity surveyor, project engineer and engineering teams to assess value engineering alternatives that could reduce costs or improve value for the project.
REQUIREMENTS
Education
- Bachelor’s degree in Finance, Accounting, Engineering, Project Management, or a related field. A Master’s degree or certification in Project Management (e.g., PMP) or Cost Engineering (e.g., AACE International Certification) is a plus.
Experience
- Minimum 8-12 years of experience in cost control and financial management, with at least 5 years in large-scale offshore energy projects (e.g. offshore oil & gas, offshore substation, or offshore wind industry).
- Experience of cost estimating, cost control procedures, and financial reporting in large infrastructure or offshore wind projects.
- Proven experience in managing project costs for complex offshore projects, including budgeting, forecasting, and variance analysis.
- Leadership experience in managing a cost control team or collaborating with cross-functional teams.
Qualifications
- Certified Public Accountant (CAP) or other relevant certifications.
- Proficiency in project management software (e.g., MS Project, Primavera P6, or similar) and financial management tools (e.g., ERP system such as SAP, Oracle, etc).
- Familiarity with cost control systems and methods such as Earned Value Management (EVM) or similar techniques.
- Strong analytical and problem-solving skills, with the ability to analyse complex financial data and identify trends, issues, and opportunities for improvement.
- Ability to perform cost-benefit analysis and identify areas for cost-saving or optimization.
- Excellent written and verbal communication skills, with the ability to prepare clear and concise reports and presentations for the project team and Employer.
- Strong interpersonal skills and the ability to work effectively with multiple teams, contractors, and stakeholders.
- Ability to collaborate effectively with project managers, engineers, procurement, construction, and commissioning teams to ensure financial performance is aligned with project goals.
