Aker Solutions (OSLO: AKSO) and Dubai’s Drydocks International have won a deal worth up to £330.5m to upgrade the FPSO for the Equinor Rosebank oilfield.
Norway’s Aker Solutions said the work covers complete upgrade of the Petrojarl Knarr FPSO, owned by Altera Infrastructure, to be redeployed at the oilfield in the West of Shetland.
The Engineering, Procurement and Construction work will take place under a joint venture with Drydocks World Dubai.
Aker Solutions said it will cover new build, demolition and life extension services for the FPSO to be kept on the field for 25 years without drydocking.
The Petrojarl Knarr FPSO was transported to Aker Solutions’ yard in Stord in August 2022, and is planned to be towed to Dubai during the second half of 2023.
Earlier today, Aberdeen-headquartered Altera Infrastructure said its charter for the FPSO with Equinor was a “major driver” in completing its emergence from Chapter 11 bankruptcy.
Sturla Magnus, executive vice president and head of Aker Solutions’ topside and facilities business, said: “We are pleased to have been selected by Altera Infrastructure for this important field development project by Equinor and partners at Rosebank.
“We will execute this project together with our long-standing partner Drydocks World-Dubai, and we are looking very much forward to continuing our long-term relationship. Collaboration and partnerships are core to Aker Solutions’ strategy and to how we work.
“It also enables us to handle capacity in the most safe and efficient way, with a strong focus on solutions that reduce emissions.”
Equinor previously said it would spend around £80m upgrading the FPSO so it would be ready for electrification at Rosebank.
Aker Solutions expects to book an order intake of around 2.5bn NOK (£206.8m) from the order for its renewables and field development segment in Q1 2023.
The contract is worth between £206.8 and £330.5m.
Rosebank is a major field to watch in the UK, due for a final investment decision this year and one of the largest untapped resources in the country.
Ithaca Energy, a partner on the Equinor-operated project, has estimated 300m barrels are recoverable in its first phase.
The field has become another major climate activist focal point, with political parties including the Scottish Greens and Labour calling for it to be halted.
Equinor said the field represents an £8.1bn investment, expected to create more than 1,600 jobs.