Latest news with #EPCIC
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
Barnama
30-06-2025
- Business
- Barnama
Yinson's Net Profit Slips To RM115 Mln In Q1 Ended April 30, 2025
KUALA LUMPUR, June 30 (Bernama) -- Yinson Holdings Bhd's net profit for the first quarter ended April 30, 2025, fell to RM115.0 million from RM203.0 million recorded in the same period a year ago. Revenue for the quarter under review also fell to RM1.23 billion from RM2.21 billion previously, Yinson said in a filing with Bursa Malaysia today. "The results were due to lower income from engineering, procurement, construction, installation, and commissioning (EPCIC) activities, in line with the progress of construction work, as well as higher administrative costs as the company transitions from a heavy investment phase to a more operational phase," it said.
Yahoo
14-05-2025
- Business
- Yahoo
McDermott Advances Scarborough EPCIC with Successful FPU Floatover
HOUSTON, May 13, 2025 /PRNewswire/ -- McDermott announces the safe, successful completion of fabrication, construction, and offshore floatover of the Scarborough floating production unit (FPU) topside and hull structures for Woodside Energy. The contract, awarded in 2021, followed the successful delivery of front-end engineering design for the Scarborough Energy Project's FPU and includes engineering, procurement, construction, installation and commissioning (EPCIC) services. McDermott is delivering design, fabrication, integration, transportation and installation of an approximately 30,000-metric-ton topside and 37,000-metric-ton hull structure, making it the largest floating production facility the company has ever designed and built, and one of the largest semi-submersible production platforms built in offshore history. Topsides fabrication was completed at McDermott's joint venture yard, Qingdao McDermott Wuchuan (QMW), in Qingdao, China, while the hull was constructed by COSCO in its Qidong shipyard, also in China. The topsides have six deck levels; 169 core equipment units, including three gas turbine-driven export gas compressors and three main generators with waste heat recovery systems; more than 50,000 meters of piping; one million meters of cabling; 568 integrated subsystems and a battery energy storage system, supporting operational emissions reduction. Earlier this month, both structures were transported offshore, and the topsides installed onto the hull via floatover off the coast of Dalian, China. Following the successful floatover, the FPU arrived at CIMC's Raffles yard in Yantai, China, for final integration works. From there, it is expected to sail away to Western Australia, where it will be moored at the Scarborough gas field approximately 375 kilometers offshore from the Burrup Peninsula. About McDermottMcDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit Forward-Looking StatementsMcDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and execution of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement. Contacts: Global Media RelationsReba ReidSenior Director, Global Communications and Marketing+1 281 588 5636RReid@ View original content to download multimedia: SOURCE McDermott International, Ltd
Yahoo
28-04-2025
- Business
- Yahoo
Wison New Energies signs DFS contract for new FLNG facility in Suriname
Wison New Energies (WNE) has secured a contract to perform a detailed feasibility study (DFS) for a new-build floating liquefied natural gas (FLNG) facility in Suriname's Offshore Block 52. The FLNG facility around 120km off the coast of Suriname will be installed at the Sloanea Gas Field at a depth of approximately 450m. Designed to process feed gas from the subsea production system, the facility will produce LNG and condensate for both domestic use and international markets. WNE secured the contract amidst stiff competition by showcasing its comprehensive FLNG project experience and in-house technical capabilities, which range from conceptual design to engineering, procurement, construction, installation and commissioning (EPCIC) delivery. The company's pre-engineered FLNG design solutions, tailored to meet client requirements, played a key role in the contract win. The DFS is expected to pave the way for a front-end engineering design (FEED) study, potentially fast-tracking Suriname's pursuit of energy independence. Wison New Energies senior vice-president An Wenxin said: "We are deeply honoured to be awarded on this transformative project. "Drawing on our technical expertise and global FLNG track record, we are committed to providing Suriname with an efficient, sustainable and integrated energy development pathway." Suriname is poised to become a key player in offshore gas development, and the successful execution of the FLNG project could enhance the global clean energy supply chain with increased resource availability. In related news, ExxonMobil Exploration & Production Suriname, an affiliate of ExxonMobil, decided to exit Block 52 offshore Suriname in November last year. As part of a broader evaluation of its worldwide assets, ExxonMobil has informed Staatsolie of its decision to relinquish its 50% working interest in the block. "Wison New Energies signs DFS contract for new FLNG facility in Suriname" 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. Sign in to access your portfolio
Yahoo
28-01-2025
- Business
- Yahoo
SLB Capturi, Aker Solutions delivering carbon capture solution for Hafslund Celsio
SLB Capturi and Aker Solutions have been granted an engineering, procurement, construction, installation and commissioning (EPCIC) contract from Hafslund Celsio, to deliver a carbon capture solution at Halslund's waste-to-energy facility based in Klemetsrud, Oslo. Hafslund Celsio is one of the largest producer and supplier of district heating in Norway and supplied 25% of the district heating generated in the naition in 2023. The company's carbon capture project is part of Longship, Norway's full value-chain carbon capture and storage (CCS) project. This project is the second carbon capture plant within Longship, where SLB Capturi is already delivering the carbon capture plant at Heidelberg Materials' cement facility in Brevik, southern Norway, in collaboration with Aker Solutions. Kjetel Digre, CEO of Aker Solutions, said in a statement that the collaboration 'marks a significant milestone for Aker Solutions and the CCS industry in Norway.' Aker Solutions recently signed a partnership agreement with Vår Energi, to provide maintenance and modification services for assets and projects on the Norwegian Continental Shelf (NCS). The contract includes the delivery of a carbon capture plant, liquefaction system, temporary storage and a loading facility at the waste incineration site. It also includes an intermediate CO2 storage and ship-loading system at Oslo harbour. From here, the CO2 will be transported to the Northern Lights permanent storage facility on the NCS. The new carbon capture plant is forecast to capture 350,000 metric tonnes of CO2 annually. The EPCIC contract follows a cost reduction phase for Hafslund Celsio's project, which identified opportunities for efficiencies. The project will now be delivered based on SLB Capturi's modularised Just Catch 400 unit. Egil Fagerland, chief executive officer, SLB Capturi, said 'standardisation and modularisation play a key role in shifting the economics of carbon capture projects.' 'We are extremely proud of our collaboration with Hafslund Celsio and Aker Solutions to align our Just Catch plant design with the techno-economic requirements of this project to help make it a reality,' he added. "SLB Capturi, Aker Solutions delivering carbon capture solution for Hafslund Celsio" 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. Sign in to access your portfolio
