Equinor, Norway's state energy giant, has awarded the engineering design and front-end engineering design (FEED) contract for the topside of an oil production vessel to Aibel. This project is aimed at developing an oil project in the Barents Sea.
Contract Details and Execution Stages
This contract was awarded to Aibel following a competitive tender among Norwegian suppliers. The contract includes preliminary engineering design and further design development to provide a basis for decision-making regarding project execution, with an option for engineering, procurement, and project management (EPma).
Partnership in this project includes Equinor (with a 42.5% share and as the operator), Aker BP with 27.5%, Petoro with 20%, and INPEX Idemitsu Norge with 10%. The goal of this partnership is to select a concept and make decisions regarding the advancement of the Wisting project by the end of 2026, with a final investment decision (FID) planned for late 2027.
Opportunities and Implications of Wisting Development
Aibel's CEO, Mads Andersen, described this contract as very important for his company, adding that this project has the potential to become a major construction project that will be highly significant for Norway's supplier industry. According to Aibel's information, the engineering design contract for the topside modules of the oil production vessel in the Wisting field will lead to the employment of about 250 people in Aibel's offices in Asker, supported by personnel in Haugesund.
Work on this project will begin immediately and is expected to be completed by late 2027. Equinor has stated that the construction contract for the topside modules will be awarded to another supplier in a later phase.
Trond Bokn, Equinor's senior vice president of projects, stated that we are in the early stages of Wisting development and there is much work left to develop a profitable and operational project. If we succeed, this project will contribute to Europe's energy security and generate revenues for Norwegian society. Wisting will create activities for Norway's supplier industry and local communities in the north of the country for 30 years.
The development of Wisting will provide significant opportunities for Norway's supplier industry in engineering and equipment procurement, as drilling, wells, and subsea development account for half of the total investment. The execution of the Wisting project will continue for 30 years and will help maintain industrial jobs and support activities in local communities in northern Norway.
With Aibel joining the Wisting team, this preliminary engineering design contract will be part of the overall basis for potential investment decision-making. We will collaborate with suppliers to implement improvements to realize the project.
