Senior Principal Cost Controls Spec

We are currently exploring potential candidates for an upcoming role at McDermott. While this position is not yet open for active recruitment, we want to connect with talented individuals who may be interested in future projects withs us. If you are passionate about building energy's future and want to be considered when this role becomes available, we encourage you to submit your details.

Job Overview :

The Senior Principal Cost Controls Specialist serves as the central cost lead for assigned projects, providing overall leadership and accountability for project cost management, forecasting, reporting, and financial performance. They oversee cost control processes, support change and risk management activities, and provide strategic guidance to Project Management to ensure project objectives and commercial targets are achieved. Leveraging extensive project controls expertise, they proactively identify risks and opportunities, drive performance improvements, and support effective decision-making throughout the project lifecycle.

Responsibilities

Key Tasks and Responsibilities :

• Serve as the central cost lead and primary focal point for all project cost control activities.
• Provide input to the Project Execution Plan and project controls strategies.
• Establish, implement, and maintain project cost control systems, processes, and reporting requirements.
• Ensure project controls systems are properly set up and maintained in accordance with company standards and procedures.
• Develop, maintain, and manage project budgets, cost reports, forecasts, and performance metrics.
• Lead the preparation, review, and consolidation of project Estimate at Completion (EAC) forecasts.
• Monitor commitments, actual expenditures, accruals, and forecast costs to ensure accurate project financial reporting.
• Analyze project cost performance, trends, variances, productivity impacts, risks, and opportunities, and recommend corrective actions.
• Develop and maintain project cash flow forecasts and spending projections.
• Prepare and present weekly, monthly, quarterly, and ad hoc project cost reports to project and senior leadership teams.
• Coordinate closely with Project Accounting to ensure alignment between project controls data and financial reporting.
• Support the review and validation of project invoices and associated financial documentation.
• Lead the cost evaluation and financial assessment of project changes, trends, and potential claims.
• Support the Change Management process through cost impact assessments, forecasting, reporting, and recovery planning.
• Evaluate and quantify the financial implications of contract and subcontract changes.
• Support the development of change orders, claims, back charges, and recovery strategies as required.
• Lead the cost-related aspects of Project Risk and Opportunity Management (PROM).
• Develop and maintain risk-adjusted forecasts and recommend mitigation and optimization strategies.
• Collaborate with Planning and Progress teams to ensure alignment between cost, schedule, and progress measurement systems.
• Support earned value management and integrated project performance reporting where applicable.
• Participate in project reviews and meetings involving cost, progress, technical, commercial, and contractual matters.
• Provide cost leadership, guidance, and mentoring to project teams and project controls personnel.
• Liaise with Project Controls personnel across projects to benchmark performance, share lessons learned, and improve forecasting accuracy and project controls practices.
• Support bid and proposal efforts by providing cost control expertise, benchmarking data, and lessons learned.
• Ensure accurate and auditable financial records are maintained throughout the project lifecycle.
• Prepare and support project closeout activities, including final cost reporting, financial analysis, and closeout assessments.
• Support Regional and Global Project Controls initiatives and other ad hoc activities as required.
• Ensure adherence to McDermott systems, processes, and project controls governance requirements.

Qualifications

Essential Qualifications and Education :

• Bachelor’s Degree in Engineering, Construction Management, Business, Finance, Project Management, or a related discipline, or an equivalent combination of education and experience.
• At least 12 years of progressive experience in Project Controls, including significant experience in Cost Control, Forecasting, Change Management, Risk Management, and Project Financial Management.
• Demonstrated experience serving as the lead Cost Controls professional on large-scale, complex EPC projects within the oil and gas, LNG, petrochemical, or energy industries.
• Proven leadership experience overseeing cost management activities and providing strategic guidance to Project Management and project stakeholders.
• Strong knowledge of project budgeting, forecasting, Estimate at Completion (EAC) development, cost reporting, change management, risk management, and project performance analysis.
• Demonstrated ability to lead cross-functional teams, influence stakeholders, and manage multiple priorities within a matrix organization.
• Supervisory experience in a matrix environment and progressive experience working for an EPC contractor.
• Strong analytical, commercial, problem-solving, and decision-making skills with a proactive and results-oriented approach.
• Excellent written and verbal communication skills, including the ability to present project performance information to senior leadership and clients.
• Proficiency in Primavera P6, Microsoft Office applications, and project controls systems utilized for forecasting, reporting, and project performance analysis.
• Familiarity with project risk management, change management, and integrated project controls processes.
• Ability to operate effectively in a global, multicultural environment and represent the company with professionalism and credibility.

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