Subsea 7 has signed a significant contract worth between $150 million and $300 million with Aker BP for the rapid development of the Lyra field in the North Sea off Norway.
Contract Details
The contract includes engineering, procurement, construction, and installation (EPCI) for gas and production pipelines and related underwater infrastructure for this field, which was previously known as Kjøttkake. The Lyra field is located approximately 44 kilometers from the Gjøa platform and will be developed as an underwater tie-back to Gjøa through existing infrastructure in the Nova field.
Schedule and Production
The production pipeline will be designed with a pipe-in-pipe configuration, and its offshore installation will be carried out using Subsea 7's fleet. While the exact contract value has not been disclosed, Subsea 7 has described it as a significant contract, estimating it to be in the range of $150 million to $300 million.
Engineering and project management will commence immediately at the company's office in Stavanger, while the pipeline fabrication will take place at the Vigra base. Offshore activities are planned for the years 2026, 2027, and 2028.
Subsea 7 had previously received a long-lead commitment in December 2025 for the procurement of key items, allowing for early delivery to support the accelerated development program.
The recent contract was signed following Aker BP and its partners' final investment decision last week. This development includes three underwater wells aimed at achieving approximately 37 million barrels of recoverable oil resources, with total production estimated at 20,000 barrels of oil equivalent per day.
First oil production is expected to commence in the first half of 2028, just three years after the field was discovered by DNO using the Deepsea Yantai semi-submersible rig in March 2025.
Aker BP's CEO, Karl Hersvik, stated that this development will utilize standard underwater equipment to expedite project execution, and the development and operations plan will soon be presented to Norwegian authorities.
