Norwegian oil major Statoil has handed out subsea maintenance contracts worth £720million (NOK 8billion).
The agreements with Aker Solutions, TechnipFMC and OneSubsea last until 2023, initially.
If extension options are exercised, they could be worth £3.6billion.
Pal Eitrheim, Statoil’s chief procurement officer, said: “We have entered into long-term agreements lasting for 25 years with all options included.
“This provides increased predictability and stable framework conditions both for the suppliers and us.
“The negotiations have been constructive and we have agreed on agreements with simplified requirements.
“We have established a good starting point for safe and efficient subsea well activities on the Norwegian continental shelf going forward.”
The agreements apply to Statoil-operated subsea wells on the Norwegian continental shelf.