Aker Solutions has received a letter of intent for a front-end engineering and design (FEED) contract from Equinor, for the floating production, storage and offloading (FPSO) facility for the Wisting field development in the Norwegian Barents Sea.
The intended FEED contract includes an option for engineering, procurement, construction, and integration (EPCI) of the topside for the FPSO. The scope of the FEED involves a Sevan-design circular FPSO solution, to further progress the project development towards a planned final investment decision.
If the field development moves forward to the execution phase, Aker Solutions estimates the EPCI contract could be between NOK8bn ($954.3m) and NOK12bn ($1.43bn). The FEED work starts immediately with planned completion in the third quarter of 2022. It will be led by Aker Solutions’ offices in Fornebu, Norway.
“This major project will have significant positive effects on employment for our engineering resources and at our yards in Norway and create substantial ripple effects for the society and local communities near the yards,” said Sturla Magnus, executive vice president and head of Aker Solutions’ topside and facilities business.
Wisting is a greenfield development located in the Barents Sea, about 310 km from the Norwegian mainland. Equinor is the operator of the field, holding 35%, with partners OMV Norge 25%, Petoro 20%, Idemitsu Petroleum Norge 10% and Lundin 10%.