Subsea 7 has secured an extension of the existing frame agreement with Aker BP under which it will continue providing subsea services for the company’s developments on the Norwegian continental shelf (NCS).
Under the agreement, Subsea 7 will provide engineering, fabrication and installation activities for subsea umbilical, risers and flowlines (SURF) for Aker BP’s field developments on the NCS.
The two parties extended the existing agreement for four years, to the end of 2028.
The value of the work to be called off under the frame agreement will be recognized in Subsea 7’s backlog when each new project is sanctioned.
Monica Th. Bjørkmann , Senior Vice President for Subsea 7 Norway said: “The continuation of the frame agreement is a testament to our collaboration with Aker BP. The strategic partnership enables Subsea7 to engage early in the field development process, optimising design solutions and contributing to positive final investment decisions for future projects on the Norwegian continental shelf.”
Earlier this month, Aker BP also signed the extension of the frame agreement with Aker Solutions which covers the provision of subsea production systems.
The agreement may also cover assistance to Aker BP for feasibility studies and concept developments, front-end engineering and design (FEED), subsea development projects, and services during project execution, including engineering, procurement and construction.
Subsea 7 announced in April that it was on track to achieve higher whole-year revenue for 2023 than in 2022 as it had reported a revenue of $1.2 billion for the first quarter of the year, a 4 per cent increase compared to the same period last year.