Aker Solutions, an engineering firm with offices in Aberdeen, has inked a “sizeable contract” with Norwegian energy giant, Equinor.
Aker Solutions (OSLO: AKSO) defines a “sizeable contract” as one signed for a value of between £39 million and £120m.
Under the agreement, Aker Solutions will tie back the two gas fields, previously known as Iris and Hades, now named Berling, to the Åsgard B platform.
The scope of this work includes engineering, procurement, construction, installation and commissioning.
The Aberdeen-based company says this work comprises of two EPCIC scopes, the first of which starts immediately with the second commencing in September this year.
Offshore mobilisation is set to begin in November 2025, the tie-back is to be completed in December 2027 and production is expected to begin in 2028.
The project is being managed from Aker Solutions‘ offices in central Norway while construction and prefabrication will be executed at the company’s yard in Egersund.
Paal Eikeseth, executive vice-president and head of Aker Solutions’ Electrification, Maintenance and Modifications (EMM) business, said: “The expected recoverable reserves are estimated to be around 45 million barrels of oil equivalent, consisting mostly of gas.
“The tie-backs will enable a significant contribution to energy security in Europe.”
The engineering firm completed a project FEED in August 2022 and continued in an interim phase to further develop scope and optimize the technical solution for the tie-in at Åsgard B.
Berling is located on the Halten Bank in the Norwegian Sea, which stands around 14 miles south-east of the Åsgard field.
Mr Eikeseth added: “We are excited to follow this major development of Berling and continue the third consecutive tie-in project to Åsgard B following the Halten Øst and Smørbukk Nord projects.
“Together, these projects constitute a significant portfolio of modification projects at Åsgard B where existing infrastructure is being utilized.”
This comes soon after Aker Solutions reported pre-tax profits of 564 million NOK (£45.5m) for Q4 2022 – more than it did in full-year 2021.
Full year pre-tax profits more than tripled on the previous year to 1.7 billion NOK (£140m), as the engineering group reported “record high backlog and visibility towards 2027”.
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