Subsea 7 announced the award of a contract by Aker BP for the front-end engineering and design (FEED) study for the NOA Fulla development project, offshore Norway. NOA Fulla is located in the southern part of the NOAKA area in the Norwegian North Sea.

The awarded work is required to finalise the technical definition of the proposed development prior to Aker BP and its partners making the final investment decision (FID) late 2022. The FEED study will begin immediately.

Subsea 7 has recognised the FEED award in its order backlog in the third quarter of 2021. The value of a potential subsequent EPCI contract would only be recognised by Subsea 7 in its backlog upon FID, and would represent a substantial1 project award.

Project management and engineering will take place in our office in Stavanger, Norway. Offshore installation activities would be scheduled for 2025, 2026 and 2027.

Monica Bjørkmann, Vice President for Subsea 7 Norway said: “This award continues our long-standing collaboration with Aker BP, through the Aker BP Subsea Alliance2. The partnership enables Subsea 7 to engage early in the field development process, optimising design solutions and contributing to the final investment decision. We are delighted to continue our alliance with Aker BP for the NOA Fulla development, which is of significant importance for all partners in the Subsea Alliance. Subsea 7 looks forward to working closely with Aker BP to successfully deliver our scope with safety and quality at the forefront throughout.”

(1) Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 million.
(2) The Aker BP Subsea Alliance is a partnership between Aker BP, Subsea 7 and Aker Solutions.

About Aker BP

Aker BP is a fully-fledged E&P company with exploration, development, and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP’s CO2 intensity (below 5kg CO2/boe in Q2 2020) is less than a third of the global industry average, and well below the average for Norwegian continental shelf operators. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker AKERBP.

About Subsea 7

Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea 7 is listed on the Oslo Bors (SUBC).