Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has unveiled a significant long-term strategic collaboration agreement between Equinor and Subsea Integration Alliance, comprising Subsea7 and OneSubsea. The agreement, inked in Stavanger, Norway, marks a pioneering approach to project collaboration, emphasizing early information sharing and collaborative benefits crucial for unlocking economically viable subsea projects. Leveraging their experience within the Subsea Integration Alliance, Subsea7 and OneSubsea solidify their roles as trusted contractors to Equinor.
The collaboration sets the stage for exclusive joint concept studies for two key projects: the Wisting field offshore Norway, and Bay du Nord, off Newfoundland and Labrador, Canada. Under the agreement, any resulting Engineering, Procurement, Construction, and Installation (EPCI) scopes would be directly awarded to the Alliance upon a final investment decision.
By pooling the expertise, experience, and capabilities of Equinor, Subsea7, and OneSubsea, further exploratory work at both projects is set to recommence. The collaboration agreement is expected to unlock additional opportunities in the short to medium term, reflecting a proactive approach towards optimizing subsea project development.
Trond Bokn, Senior Vice President for Project Development at Equinor, expressed optimism about the collaboration’s potential, citing it as a novel approach to project development. He lauded Subsea Integration Alliance’s track record and expressed eagerness to jointly develop concepts with full visibility on profitability for the challenging Wisting and Bay du Nord projects.
John Evans, CEO of Subsea7, highlighted the longstanding collaboration with Equinor, spanning various successful ventures. He expressed enthusiasm for deepening this relationship and unlocking value in Wisting and Bay du Nord.
Mads Hjelmeland, CEO of OneSubsea, emphasized Equinor’s pivotal role as a longstanding customer and underscored the significance of the collaboration agreement. He affirmed the Alliance’s commitment to enhancing safety, risk management, and sustainability results while sharing aligned goals and values with Equinor.
The collaboration underscores a commitment to innovation, efficiency, and sustainable project development, reflecting the shared vision of all parties involved.
