Subsea7 announced an extension of its existing frame agreement with Aker BP for four years to the end of 2028. The agreement covers the provision of engineering, fabrication and installation activities for subsea umbilical, risers and flowlines (SURF) as part of Aker BP’s field developments on the Norwegian continental shelf.

The value of the work to be called off under the frame agreement will be recognised in Subsea7’s backlog when each new project is sanctioned.

Monica Th. Bjørkmann, Senior Vice President for Subsea7 Norway said: “The continuation of the frame agreement is a testament to our collaboration with Aker BP. The strategic partnership enables Subsea7 to engage early in the field development process, optimising design solutions and contributing to positive final investment decisions for future projects on the Norwegian continental shelf”.

About Subsea7

Subsea7 (Oslo Børs: SUBC, ADR: SUBCY) is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

About Aker BP

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates six field centres: Alvheim, Ivar Aasen, Skarv, Edvard Grieg, Ula and Valhall, and is a partner in the Johan Sverdrup licence. Aker BP’s shares are traded on Oslo Børs (AKRBP).

Aker BP is one of the largest independent oil companies in Europe with a production of more than 400,000 barrels oil equivalent per day. Aker BP is a global E&P leader in low CO2 emissions and seeks to offset its non-abated Scope 1 and 2 emissions to become Net Zero across operations by 2030.