Subsea 7 S.A. has announced the signing of a new long-term strategic collaboration agreement between Equinor and Subsea Integration Alliance (which comprises Subsea7 and OneSubsea). The agreement, which was signed on May 2 in Stavanger, Norway, represents an innovative, integrated way of working. It enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them economically viable. Building on their experience as members of Subsea Integration Alliance, this agreement also further cements Subsea7 and OneSubsea’s positions as trusted contractors to Equinor.
The agreement paves the way for exclusive collaboration to begin immediately on early, joint concept studies for two projects: the Wisting field offshore Norway, and Bay du Nord, off Newfoundland and Labrador, Canada.
Under the agreement, any resulting EPCI scopes would be directly awarded to the Alliance if a final investment decision is made.
Bringing together the expertise, experience and capabilities of Equinor, Subsea7 and OneSubsea has enabled further exploratory work at both projects to recommence and through the collaboration agreement, further such opportunities are expected to be unlocked in the short to medium term.
Trond Bokn, Senior Vice President for Project Development of Equinor said: “Equinor is working hard to improve and mature the Wisting and Bay du Nord projects. Selecting the supplier at this early stage is a new way of approaching project development for us, and a vote of confidence in Subsea Integration Alliance. We look forward to develop concepts together, in a process with full visibility on profitability, and joint efforts to make these challenging projects sanctionable.”
John Evans, CEO of Subsea7 said: “Subsea7 has been collaborating with Equinor for many years to optimize challenging subsea developments ranging from bundle solutions for the Snorre Expansion to the integrated Bacalhau development in Brazil. We look forward to extending and deepening this relationship as we work together to unlock the value in Wisting and Bay du Nord.”
Mads Hjelmeland, CEO of OneSubsea said “Equinor has long been a crucial customer to our business and to the Alliance. We couldn’t be prouder to be embarking on this collaboration. Today’s agreement underlines the trusted relationship that we have built over many years and enables us to take our collaboration further by sharing and aligning on goals and values, improving performance and learnings across projects, and unlocking new opportunities to enhance safety, risk management and sustainability results.”
