Aker Solutions Wins Large ConocoPhillips Deal

Aker Solutions (OTCMKTS: AKRTF) announced Thursday that it has won a “large” contract from ConocoPhillips (NYSE: COP) to provide a subsea production system for the Eldfisk North development offshore Norway.

The work scope of the contract covers a complete subsea production system, including 13 standardized vertical subsea trees, wellheads, control systems, three six-slot templates with integrated manifolds, and associated services, Aker Solutions revealed. The company defines a “large” contract as being worth between $139.4 million (NOK 1.2 billion) and $232.4 million (NOK 2 billion).

Work on the contract will start immediately and will involve Aker Solutions’ facilities in Brazil, Malaysia, Norway, and the UK, the business noted, adding that final deliveries are scheduled for 2024. The project development is subject to a final investment decision by the license partners and regulatory approval by Norwegian authorities.

“We look forward to continue our long-standing relationship with ConocoPhillips in Norway and to further develop the Eldfisk field,” Maria Peralta, the executive vice president of Aker Solutions’ subsea business, said in a company statement posted on Aker Solutions’ website.

In October last year, Aker Solutions revealed that it had won an order from ConocoPhillips to deliver the subsea production system for the Tommeliten Alpha development, also situated offshore Norway. The scope of work under the deal covered a complete subsea production system, including ten vertical subsea trees, two manifolds, wellheads, satellite structures, control systems, and tie-in equipment and the estimated contract value was said to be about $139.4 million (NOK 1.2 billion).

The Eldfisk oil field, which is situated south of the Ekofisk field in the Norwegian North Sea, was discovered back in 1970. It is said to be the second largest of three producing fields in the Greater Ekofisk Area, and one of the largest on the Norwegian continental shelf.

To contact the author, email andreas.exarheas@rigzone.com