Offshore services provider Aker Solutions has received a Letter of Intent (LOI) for a front-end engineering and design (FEED) contract from Equinor for the FPSO for the Wisting field development in the Norwegian Barents Sea.
Aker Solutions said that the intended FEED contract includes an option for engineering, procurement, construction, and integration (EPCI) of the topside for the FPSO.
The scope of the FEED is to provide front-end design- and engineering for a circular floating production, storage, and offloading (FPSO) solution, to further progress the project development towards a planned final investment decision.
The company added that, if the field development moves forward to the execution phase, it estimates the EPCI option to potentially represent a significant contract, subject to final investment decision and regulatory approvals. Aker Solutions defines a significant contract between $960 million and $1.45 billion.
“Wisting is one of the largest upcoming industrial projects in Norway. We are looking forward to continuing our longstanding relationship with Equinor for this significant field development, and to mature the project towards a planned investment decision,” said Sturla Magnus, EVP and head of Aker Solutions’ topside and facilities business.
The FEED award follows the successful completion of the study phase, and the work starts immediately with planned completion in the third quarter of 2022. The FEED work will be led by Aker Solutions’ offices in Fornebu, Norway.
The Wisting FPSO is based on a Sevan design. The topside will weigh about 20,000 metric tons, consisting of a large process module and a large utility module.
“This major project will have significant positive effects on employment for our engineering resources and at our yards in Norway and create substantial ripple effects for the society and local communities near the yards,” Magnus added.
Wisting is a greenfield development located in the Barents Sea, about 310 kilometers from the Norwegian mainland. Volumes are estimated at 440 million barrels of oil equivalent.
Equinor is the operator of the field with a 35 percent stake. Its partners are OMV and Petoro with 25 and 20 percent respectively while Idemitsu Petroleum and Lundin Energy hold 10 percent each.
To contact the author, email firstname.lastname@example.org