Aker Solutions has received a Letter of Intent (LoI) for a front-end engineering and design (FEED) contract from Equinor, for the FPSO 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 is to provide front-end design- and engineering for a circular floating production, storage and offloading (FPSO) solution, to further progress the project development towards a planned final investment decision. If the field development moves forward to execution phase, Aker Solutions estimates the EPCI option to potentially represent a significant contract, subject to final investment decision and regulatory approvals.
“Wisting is one of the largest upcoming industrial projects in Norway. We are looking forward to continuing our longstanding relationship with Equinor for this significant field development, and to mature the project towards a planned investment decision,” says Sturla Magnus, executive vice president and head of Aker Solutions’ topside and facilities business.
The FEED award follows the successful completion of the study phase, and the work starts immediately with planned completion in the third quarter of 2022. The FEED work will be led by Aker Solutions’ offices in Fornebu, Norway.
The Wisting FPSO is based on a Sevan design. The topside will have a weight of about 20,000 metric-tons, consisting of a large process module and a large utility module.
“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,” says Magnus.
Wisting is a greenfield development located in the Barents Sea, about 310 kilometres from the Norwegian mainland. Equinor is the operator of the field (35%), with partners OMV Norge AS (25%), Petoro AS (20%), Idemitsu Petroleum Norge AS (10%) and Lundin Energy Norway AS (10%).
The FEED contract will be booked as order intake in the fourth quarter of 2021 in the Renewables and Field Development segment.
Note: Aker Solutions defines a significant contract as being between NOK 8.0 billion and NOK 12.0 billion.