The Luxembourg-based and Oslo Stock Exchange listed Subsea7 has announced the signing of a new long-term strategic collaboration agreement between Norwegian energy conglomerate Equinor and Subsea Integration Alliance (which comprises of Subsea7 and the Houston based OneSubsea).
The agreement which was signed yesterday in Stavanger, Norway, represents an innovative and integrated way of working.
It enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them economically viable.
Building on their experience as members of Subsea Integration Alliance, this agreement also further cements Subsea7 and OneSubsea’s positions as trusted contractors to Equinor.
The agreement paves the way for exclusive collaboration to begin immediately on early, joint concept studies for two projects: the Wisting field offshore Norway, and Bay du Nord, off Newfoundland and Labrador, Canada.
Under the agreement, any resulting EPCI scopes would be directly awarded to the Alliance if a final investment decision is made.
Bringing together the expertise, experience and capabilities of Equinor, Subsea7 and OneSubsea has enabled further exploratory work at both projects to recommence and through the collaboration agreement, further such opportunities are expected to be unlocked in the short to medium term.
Trond Bokn, senior vice president for project development of Equinor, said: “Equinor is working hard to improve and mature the Wisting and Bay du Nord projects.
“Selecting the supplier at this early stage is a new way of approaching project development for us, and a vote of confidence in Subsea Integration Alliance. We look forward to develop concepts together, in a process with full visibility on profitability, and joint efforts to make these challenging projects sanctionable.”
John Evans, chief executive of Subsea7, noted: “Subsea7 has been collaborating with Equinor for many years to optimise challenging subsea developments ranging from bundle solutions for the Snorre Expansion to the integrated Bacalhau development in Brazil.”
Mads Hjelmeland, chief executive of OneSubsea, pointed out: “Equinor has long been a crucial customer to our business and to the Alliance. We couldn’t be more proud to be embarking on this collaboration.
“Today’s agreement underlines the trusted relationship that we have built over many years and enables us to take our collaboration further by sharing and aligning on goals and values, improving performance and learnings across projects, and unlocking new opportunities to enhance safety, risk management and sustainability results.”
Source: Subsea7
