backlog increase Contracts worth $260 million announced recently. About a 20% increase?
As of last reported quarter,
The twelve-month order backlog1 of $1,309 million as at March 31, 2023, represents a 6% increase over the $1,230 million twelve-month order backlog1 as at December 31, 2022. This growth was primarily attributed to several offshore pipe coating project commitments which were secured or moved into the 12-month window during the quarter, including the SGP project in Mexico. The order backlog1 includes firm customer contracts which are expected to be executed over the next twelve months and a majority is related to the Pipeline and Pipe Services segment.
Outstanding firm bids, which are bids provided to customers with firm pricing and conditions against defined scope, were $847 million as of March 31, 2023, an increase versus the $793 million from the previous quarter. Conditional awards, pending final investment decision, were at $168 million, up from the $150 million as at the prior quarter. Budgetary estimates were nearly $2.5 billion at the end of the quarter, an increase from approximately $2.1 billion at the end of the previous quarter, as customers continued to develop scopes for new projects. Outstanding firm bids and budgetary estimates are measures used primarily for the Pipeline and Pipe Services segment, and as such, the vast majority of the numbers reported relate to this segment.
Some of the newest contracts extend into 2025-2026 which should give some visibility to a potential purchaser.