Aker Signs Equinor Subsea Deal

Aker Solutions (FRA: 1AKA) has revealed that it has signed a letter of intent with Equinor (NYSE: EQNR) for the delivery of a subsea production system to the Kristin Sor oil and gas satellite fields in the North Sea.

The contract value is said to be about $113 million (NOK 1 billion), with options for some additional work. Aker Solutions noted that the intention is to start work during 2021 and to complete the delivery in the first half of 2023.

The Kristin Sor project will include deliveries from Aker Solutions in Tranby, Egersund and Agotnes in Norway, Curitiba in Brazil, Reading in the UK and Port Klang in Malaysia. The manufacturing of the subsea trees will take place at the facility in Curitiba. At peak, around 220 employees from the various locations will work on the project, Aker Solutions outlined.

“This award demonstrates that our standardized solutions are competitive and has the flexibility to also be applied on fields with demanding temperature and pressure conditions,” Kjetel Digre, the chief executive officer of Aker Solutions, said in a company statement.

“We have over time cooperated closely with Equinor in the development and optimization of such equipment, and we are pleased to continue this close collaboration in the new Kristin Sor project,” Digre added.

The Kristin Sor development consists of the fields Lavrans and Kristin Q, both satellites to the existing Kristin platform. The high-pressure, high-temperature Kristin gas-condensate field is located in the Norwegian Sea, off the coast of mid-Norway.

Last month, Aker Solutions revealed that it had won a framework agreement with Equinor to provide maintenance and modifications services at the Peregrino field, offshore Brazil. The contract has a fixed period of four years and includes an option for a two-year extension.

In October, Aker Solutions won an order from ConocoPhillips to deliver the subsea production system for the Tommeliten Alpha development offshore Norway. The estimated contract value for the deal is about $136 million (NOK 1.2 billion).

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