Wood Bags New Equinor Deal

Wood Bags New Equinor Deal
Wood (OTCMKTS: WDGJF) has secured a new contract with Equinor (NYSE: EQNR) to support the company's operations at the Mariner field in the UK Continental Shelf.

Wood (OTCMKTS: WDGJF) revealed Wednesday that it has secured a new contract with Equinor (NYSE: EQNR) to support the company’s operations at the Mariner field in the UK Continental Shelf (UKCS).

The three-year deal to deliver operations, maintenance, modifications and offshore services on the Mariner A platform and Mariner B floating storage unit is valued at around $75 million, Wood highlighted. The agreement will run for from January 2021 through to the fourth quarter of 2023 and has options to extend.

The work will be delivered by Wood’s Aberdeen-based onshore and offshore teams, with support from its global engineering community. Wood said the contract builds upon its recent agreements with Equinor on the Kollsnes gas processing facility and Breidablikk tie-back development in Norway.

“We are delighted to extend our strong partnership with Equinor to include support for their operations at the pioneering Mariner field,” Craig Shanaghey, the president of Wood’s operations services business in Europe and Africa, said in a company statement.

“Wood has a long-standing track record of partnering with our clients to deliver safe, reliable and optimized operations in the UKCS and we look forward to extending that to include Mariner by leveraging our deep operational knowledge, experience and digital capability,” he added.

“Mariner is still in its early years of production and, with Wood’s ambition to realize a digitally-enabled future, we see excellent potential to explore new opportunities that will promote a lifetime of sustainable and responsible operations at the field,” Shanaghey continued.

Equinor is the operator of Mariner with 65.11 percent equity. The company’s partners in the asset are JX Nippon, which holds a 20 percent interest, Siccar Point, which holds an 8.89 percent stake, and ONE-Dyas, which holds a six percent interest. Production at the field started in August last year.

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


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