Energy Voice | Equinor inks £275 million letter of intent with offshore firm

Akastor ASA owned company AKOFS Offshore today announced the signing of a letter of intent with Norwegian energy firm Equinor, formerly Statoil, for well intervention services.

AKOFS Offshore will provide year round light well intervention services (LWI) on the Norwegian continental shelf for a period of five years in a deal totalling £275 million.

The agreement also includes the option of a three year increase to the contract.

AKOFS Offshore, headquartered in Oslo, Norway, is a global provider of vessel based subsea well intervention and installation services to the oil and gas industry.

The company currently operate two specialised vessels for oilfield services firm Petrofac in Brazil.

As a part of the new contract, AKOFS confirmed it will establish a joint operations support office with its partners in the Stavanger region in connection with the contract.

The work is scheduled to commence first half of 2020 and will be performed from the AKOFS Seafarer well intervention vessel which is owned and operated by AKOFS Offshore.

Geir Sjøberg, CEO of AKOFS Offshore, said: “This is an important milestone for the company as we increase our operating envelope to include the Norwegian continental shelf.

“Building on experience from Norway and international operations including Brazil, AKOFS Offshore together with our partners DeepWell and WellTec, acting as subcontractors, are proud of the confidence shown by Equinor.”

Source link