Kvaerner ASA (OSE: KVAER) said in a release today that it has received LOI from Lundin Norway AS, a subsidiary of Lundin Petroleum AB (STO:LUPE), for engineering procurement and construction of Edvard Grieg (formerly Luno) platform topside. It will have a total weight of 21000 tonne with a main topside module, a living quarter including utilities module, process module and a flare tower. The estimated value of the contract is 8 billion NOK with estimated delivery in 2015.
This is the second contract for Kvaerner from Lundin’s new platform on the NCS following 14500 tonne steel field jacket EPC contract announced in January. President & CEO Jan Arve Haugan feels this contract validates the company’s position as leading provider of complex integrated topsides. Several of Kvaerner's partners can expect their own contract awards stemming from this, with iving quarter already sub-contracted to Apply Leirvik AS. Most of the work will be done in Norway.
Edvard Grieg oil field is expected to begin production in late 2015, with forecasted peak production of 90 0000 bopd. Lundin is the operator and has a 50% stake with other partners being Wintershall Norge (a subsidiary of world’s leading chemical company BASF SE from Germany, 30%) and RWE Dea Norge AS (a subsidiary of RWE Dea AG which in turn is a subsidiary of German electric power and natural gas public utility RWE AG, 20%).
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