Equinor, a Norwegian oil company, awards 10 billion dollar contracts to suppliers

Equinor announced on Thursday that it had signed framework agreements worth '100 billion Norwegian crowns (9.93 billion dollars) with a group suppliers for the maintenance and modification of its offshore and "onshore" installations.

Aibel, Aker Solutions, Rosenberg Worley and Head Energy signed new five-year agreements with the option to extend them by another three and two years.

The new agreements will replace the expiring deals from?2016 signed with Aibel and Apply, Wood Group Aker Solutions, Reinertsen, which expired in March. Aker Solutions purchased Reinertsen’s offshore business in 2017.

Aker Solutions said in a separate announcement late Wednesday that its portion of the five year contracts, excluding the options, would be booked as a significant order intake during the first quarter 2026.

It defines a major contract between 8 billion and12 billion crowns.

Subcontractors in Norway's oil sector are primarily involved with maintenance and modification contracts, as new oil and gas discoveries are few and far between.

Aker Solutions announced on Wednesday that it would be laying off workers at its Norwegian shipyard, which is specialized in building steel constructions for offshore oil and gas fields. Reporting by Nerijus Adomiaitis and editing by Terje Slsvik. $1 = 10.0723 Norwegian crowns

(source: Reuters)