Latest news with #AkerSolutions
Yahoo
11-07-2025
- Business
- Yahoo
Aker Solutions wins contract for Fram Sør tie-in project
Aker Solutions has secured a notable tieback contract from Equinor for the preparation of the Troll C platform's topside, which will process production from the Fram Sør tie-in project in the Norwegian North Sea. Situated 20km north of Troll C, the development will use the platform's existing processing capacity. The tieback to Troll C necessitates modifications to the platform's topside, encompassing engineering, procurement, construction, installation, and commissioning (EPCIC), as well as services for the new subsea templates. Aker Solutions, which has already completed the front-end engineering and design (FEED) from its Bergen office, will manage project management, detailed engineering, procurement, and shop engineering from both Bergen and Mumbai. Fabrication will occur at the Egersund yard. The project is set to begin immediately, with production anticipated to start by the end of 2029. The contract will be documented as an addition to the order book in the Life Cycle division for Q3 2025. The Fram Sør project, which combines several discoveries, is expected to export oil and gas via Troll C, with recoverable volumes estimated at 116 million barrels of oil equivalent, predominantly comprising oil (75%) and gas (25%). The estimated carbon dioxide emissions for the Fram Sør project are approximately 0.5kg per barrel of oil equivalent, which is significantly lower than the Norwegian Continental Shelf's average of 8kg. This figure is also well below the global industry average of approximately 16kg per barrel of oil equivalent, as reported by the International Association of Oil & Gas Producers (IOGP) in 2023. In related news, a joint venture (JV) between Aker Solutions and Brunei's PTAS has been granted a two-year contract extension to deliver offshore maintenance and modification services to Brunei Shell Petroleum (BSP). The PTAS Aker Solutions JV will provide offshore restoration maintenance construction (ORMC) services. This extension bolsters the JV's presence in the South China Sea, continuing to oversee maintenance and upgrades from its office in Kuala Belait, Brunei Darussalam. "Aker Solutions wins contract for Fram Sør tie-in project" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
10-07-2025
- Business
- Yahoo
Equinor Awards North Sea Subsea Development Deal to Aker Solutions
Equinor ASA EQNR, Norway's state-owned energy major, has awarded a sizeable contract to Aker Solutions for work on its Fram Sør subsea development in the North Sea, per an Offshore Energy report. The move marks a critical step in Equinor's efforts to combine multiple discoveries in the northern part of the basin and enhance supply to Europe. Under the engineering, procurement, construction, installation, and commissioning (EPCIC) contract, Aker Solutions will upgrade the Troll C platform topsides to receive and process hydrocarbons from the Fram Sør subsea tie-back. The scope also includes new subsea templates. The company describes the value of the contract as "sizeable," meaning it ranges between NOK 0.5 billion and NOK 1.5 billion ($49-$150 million). Work has already begun, with the first production targeted for 2029-end. The Fram Sør project, located about 20 kilometers north of Troll C in 350-meter-deep water, will be developed using 4 x 4 subsea templates tied back to existing Fram infrastructure and Troll C for processing and export. The reservoir lies at depths ranging from 1,800 to 2,800 meters. Equinor plans to start with 12 wells, with another four well slots reserved for future development in the Fram/Troll area. Aker Solutions' Bergen office, which led the front-end engineering and design, will now spearhead project execution with support from its Mumbai team. Detailed engineering, procurement, and shop engineering will be handled across both offices, while fabrication will take place at Aker's Egersund yard in Norway. At the end of June, Equinor submitted the Plan for Development and Operation for Fram Sør, emphasizing its strategic role in enhancing European oil and gas supplies. Equinor holds a 45% stake in the project, with Vår Energi and Inpex Idemitsu Norge owning 40% and 15%, respectively. EQNR currently carries a Zack Rank #3 (Hold). Investors interested in the energy sector may look at a few better-ranked stocks like TechnipFMC plc (FTI), W&T Offshore, Inc. WTI and Oceaneering International, Inc. OII, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. TechnipFMC continues to build momentum in its subsea business, supported by strong order activity and a growing pipeline of opportunities. A key strength in FTI's business model is its limited exposure to U.S. land operations, which are more sensitive to volatile commodity pricing. The Zacks Consensus Estimate for FTI's 2025 EPS is pegged at $2.08. The company has a Value Score of B. W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company's acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B. Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability. The Zacks Consensus Estimate for OII's 2025 EPS is pegged at $1.79. The company has a Value Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TechnipFMC plc (FTI) : Free Stock Analysis Report W&T Offshore, Inc. (WTI) : Free Stock Analysis Report Oceaneering International, Inc. (OII) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
30-06-2025
- Business
- Malaysian Reserve
Aker Solutions and Cognizant Renew Collaboration to Drive IT Transformation with AI-First Approach
The new agreement seeks to modernize Aker Solutions' IT infrastructure using AI platforms, including Cognizant Neuro® platform. OSLO, Norway, June 30, 2025 /PRNewswire/ — Cognizant (Nasdaq: CTSH) and Aker Solutions, a global leader from Norway in the energy industry, have extended their long-lasting partnership, which began in 2016, with a new multi-year agreement. Using the Cognizant Neuro® platform, designed to boost generative AI adoption with flexibility, security, scalability, and responsibility, this agreement aims to transform Aker Solutions' IT service delivery, making it more agile and efficient for the evolving energy sector. Under the new agreement, Cognizant has introduced a transformation roadmap that focuses on upgrading current services without disrupting stable operations. Using the latest technology and AI platforms, Cognizant aims to modernize Aker Solutions' IT operations and projects, including cloud services, IT infrastructure, application management, networks, and cybersecurity. This transformation is expected to enhance the end-user experience while leveraging AI and machine learning to better protect Aker Solutions' critical data and infrastructure. Additionally, with the implementation of a scalable and flexible consumption-based commercial model, Cognizant aims to increase overall agility, enabling Aker Solutions to adapt quickly to changing market demands. 'This agreement supports Aker Solutions' digital journey, aligning with our strategy to leverage digitalization to increase value creation and reduce costs across the entire project lifecycle', said Signy Vefring, Executive Vice President for Strategy and Technology at Aker Solutions. 'I'm excited to take our partnership to the next level and to equip our organization with the tools and infrastructure needed to stay at the digital forefront of our industry', said Ingvild Berlin Kalleberg, Chief Information Officer at Aker Solutions. 'I look forward to the continued collaboration with Aker Solutions. By leveraging the Cognizant Neuro® platform, we aim to enhance innovation across Aker Solutions' IT operations, reinforce our shared commitment to digital transformation, and further advance technology-driven outcomes for the energy sector in Norway and beyond', said Saket Gulati, Head of Northern Europe at Cognizant. 'We are excited to continue this renewed collaboration with Aker Solutions. This is a testament to the successful relationship and the positive outcomes we have delivered over the past nine years,' said Knut Inge Buset, Head of Norway at Cognizant. 'Today, there is increasing reliance on new energy sources, along with a growing need for improved efficiency. This requires unprecedented operational agility within the energy and utilities sector, and investment in digital has become a vital component for many traditional operators and new entrants alike.' About Cognizant: Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at or @cognizant. About Aker Solutions: Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 11,800 people in more than 15 countries. For more information, contact: For more information about Cognizant and for media enquiries, please contact globalpr@
Associated Press
30-06-2025
- Business
- Associated Press
Aker Solutions and Cognizant Renew Collaboration to Drive IT Transformation with AI-First Approach
The new agreement seeks to modernize Aker Solutions' IT infrastructure using AI platforms, including Cognizant Neuro® platform. OSLO, Norway, June 30, 2025 /PRNewswire/ -- Cognizant (Nasdaq: CTSH) and Aker Solutions, a global leader from Norway in the energy industry, have extended their long-lasting partnership, which began in 2016, with a new multi-year agreement. Using the Cognizant Neuro® platform, designed to boost generative AI adoption with flexibility, security, scalability, and responsibility, this agreement aims to transform Aker Solutions' IT service delivery, making it more agile and efficient for the evolving energy sector. Under the new agreement, Cognizant has introduced a transformation roadmap that focuses on upgrading current services without disrupting stable operations. Using the latest technology and AI platforms, Cognizant aims to modernize Aker Solutions' IT operations and projects, including cloud services, IT infrastructure, application management, networks, and cybersecurity. This transformation is expected to enhance the end-user experience while leveraging AI and machine learning to better protect Aker Solutions' critical data and infrastructure. Additionally, with the implementation of a scalable and flexible consumption-based commercial model, Cognizant aims to increase overall agility, enabling Aker Solutions to adapt quickly to changing market demands. 'This agreement supports Aker Solutions' digital journey, aligning with our strategy to leverage digitalization to increase value creation and reduce costs across the entire project lifecycle', said Signy Vefring, Executive Vice President for Strategy and Technology at Aker Solutions. 'I'm excited to take our partnership to the next level and to equip our organization with the tools and infrastructure needed to stay at the digital forefront of our industry', said Ingvild Berlin Kalleberg, Chief Information Officer at Aker Solutions. 'I look forward to the continued collaboration with Aker Solutions. By leveraging the Cognizant Neuro® platform, we aim to enhance innovation across Aker Solutions' IT operations, reinforce our shared commitment to digital transformation, and further advance technology-driven outcomes for the energy sector in Norway and beyond', said Saket Gulati, Head of Northern Europe at Cognizant. 'We are excited to continue this renewed collaboration with Aker Solutions. This is a testament to the successful relationship and the positive outcomes we have delivered over the past nine years,' said Knut Inge Buset, Head of Norway at Cognizant. 'Today, there is increasing reliance on new energy sources, along with a growing need for improved efficiency. This requires unprecedented operational agility within the energy and utilities sector, and investment in digital has become a vital component for many traditional operators and new entrants alike.' About Cognizant: Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at or @cognizant. About Aker Solutions: Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 11,800 people in more than 15 countries. For more information, contact: For more information about Cognizant and for media enquiries, please contact [email protected] View original content to download multimedia: SOURCE Cognizant Technology Solutions
Zawya
10-06-2025
- Business
- Zawya
OGV Group to Position Aberdeen as Gateway for African Energy Deals at West African Energy Summit (WAES) 2025
Aberdeen will host the West African Energy Summit (WAES) from November 18-19, 2025, positioning the city as a global hub for service companies looking to forge long-term partnerships with Africa's energy markets. Organized by OGV Group, the summit will bring together upstream operators, financial institutions, technology providers and policy leaders to drive investment and collaboration across the continent's dynamic energy sector. WAES 2025 builds on decades of cooperation between Aberdeen and African markets. As one of the world's foremost centers of oil and gas innovation, Aberdeen has played an instrumental role in shaping Africa's upstream and offshore industries. Global service companies based in the city – including SLB, TechnipFMC, Subsea7 and Aker Solutions – continue to deliver cutting-edge technology, project management excellence and workforce development to support Africa's growing energy sector. SLB continues to deliver transformative value in Africa through its Integrated Performance Excellence Center in Luanda, Angola, driving project optimization across the full asset lifecycle. In Libya, the company's operations have delivered a combined 100,000 barrels per day of new production, underpinned by advanced drilling and reservoir technologies developed in Aberdeen. Likewise, TechnipFMC has become a cornerstone of Africa's deepwater growth. With a major engineering center in Aberdeen, the company supports high-profile projects such as Nigeria's $5 billion Bonga North field, Angola's Ndungu development and Mozambique's Coral South LNG. Meanwhile, Subsea7 and Aker Solutions have deepened their African engagement with the objective of maximizing local content and knowledge transfer. Subsea7 recently secured up to $150 million in new contracts for subsea pipeline installation across West Africa while Aker Solutions has renewed a long-term services contract with Azule Energy in Angola. These efforts are supported by longstanding human capital development programs, with Aberdeen and nearby Dundee having trained hundreds of African engineers, technicians and project managers, creating a robust skills pipeline that benefits both continents. This legacy of collaboration is foundational to the African Energy Chamber's (AEC) vision for sustainable, Africa-led energy growth. As such, WAES 2025 is set to build on these relationships by providing a platform for new deals, strategic dialogue and cross-continental investment. By bringing together upstream operators, financial institutions, technology providers and policy leaders, the summit will showcase Africa's $43 billion in projected oil and gas capital expenditure for 2025. Emerging opportunities in LNG, hydrogen and renewables will also take center stage. To further strengthen these ties, NJ Ayuk, Executive Chairman of the AEC will visit Aberdeen on July 11, 2025, ahead of WAES and the upcoming African Energy Week: Invest in African Energies conference – taking place in Cape Town from September 29 to October 3. Ayuk will speak at the OGV Taproom, located at the heart of Aberdeen's innovation corridor, underscoring the city's role as a vital bridge between Europe's technical excellence and Africa's vast resource potential. 'Africa is not just seeking suppliers – it's looking for strategic partners who can help build a long-term, resilient energy future. WAES will serve as the meeting point for such partnerships, enabling Scottish and international service providers to participate in Africa's energy renaissance,' states Ayuk. Distributed by APO Group on behalf of African Energy Chamber.
