Subsea 7 announced the award of a contract by Equinor for the front-end engineering and design (FEED) study for the marine installations associated with the Krafla development project, offshore Norway.

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

Subsea 7 has recognised the FEED award in its order backlog in the first quarter of 2022. The value of a potential, subsequent EPCI contract would only be recognised by Subsea 7 in its backlog upon FID, and would represent a large1 project award.

Project management and engineering will take place in our offices in Stavanger and Aberdeen. Offshore installation activities would be scheduled for 2024, 2025 and 2026.

Monica Bjørkmann, Vice President for Subsea 7 Norway said: “This award continues our long-standing collaboration with Equinor. The study 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 be a trusted partner for Krafla field development, and we look forward to working closely with Equinor to successfully deliver our scope with safety and quality at the forefront throughout.”

(1) Subsea 7 defines a large contract as being between USD 300 million and USD 500 million.

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).

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.