Oslo-listed Subsea 7 has secured a front-end engineering and design (FEED) study from Equinor for the marine installations associated with the Krafla development project, offshore Norway.
The awarded FEED study, which will begin immediately, is required to finalise the technical definition of the proposed development before Equinor and its partners making the final investment decision (FID) planned for late 2022.
Depending on the FID, Subsea 7 said the value of a potential, subsequent EPCI contract would represent a large project award worth between $300m and $500m. Project management and engineering will take place in Stavanger and Aberdeen. Offshore installation activities would be scheduled for 2024, 2025 and 2026.
Monica Bjørkmann, vice president for Subsea 7 Norway, said: “This award continues our long-standing collaboration with Equinor. The study enables Subsea 7 to engage early in the field development process, optimising design solutions and contributing to the final investment decision.”
