Latest news with #OneSubsea
Yahoo
9 hours ago
- Business
- Yahoo
SLB's OneSubsea secures EPC contract for Northern Lights project
OneSubsea, a joint venture of global technology company SLB, has secured an engineering, procurement and construction (EPC) contract from Equinor for phase two of the Northern Lights carbon capture and storage (CCS) project offshore Norway. This contract signifies a major step in the project following the final investment decision (FID) by Northern Lights' owners – TotalEnergies, Shell and Equinor – and a commercial agreement with an end-use customer. The contract awarded to SLB OneSubsea includes the engineering and construction of two new satellite subsea CO₂ injection systems with associated tie-in equipment. Project work has already begun, with the initial deliveries anticipated in 2026. This contract comes after the successful completion and delivery of two subsea injection systems for the project's first phase in 2023. The Northern Lights project, part of the world's first open-source, full-scale value chain for CO₂ capture, transport and storage services, is set to expand its capacity from 1.5 million tonnes (mt) to a minimum of 5mt of CO₂ per year with phase two. The project's growth is also supported by a grant from the Connecting Europe Facility for Energy funding scheme. SLB OneSubsea CEO Mads Hjelmeland said: 'Equinor's enduring commitment to subsea standardisation is now yielding substantial benefits across new offshore value chains, including CO₂ storage. By utilising standardised components, we achieve reduced risk and economies of scale, which enhance both traditional and innovative subsea projects. 'The Northern Lights project is pivotal for Europe's path toward net-zero emissions, and it is well aligned with our own strategy to expand the frontiers of subsea for a sustainable energy future.' In May 2025, the Northern Lights project received all necessary permits to inject and store CO₂ in the Aurora CCS licence in the North Sea. With phase one development completed and fully booked, the project is poised to start operations in the second half of 2025, offering CO₂ storage services to industrial customers. In a related development, SLB, in partnership with Subsea 7, secured a substantial engineering, procurement, construction and installation contract from bp for the Ginger project offshore Trinidad and Tobago last month. "SLB's OneSubsea secures EPC contract for Northern Lights 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
30-04-2025
- Business
- Yahoo
Aker Solutions ASA: First-Quarter Results
OSLO, Norway, April 30, 2025 /PRNewswire/ -- Aker Solutions has delivered high revenue growth and a strong order intake in the first quarter of 2025. The company continues to have a solid order backlog and high tender activity. Earlier this week, the Annual General Meeting approved the cash dividend of NOK 3.30 per share for the fiscal year of 2024. 1Q 2025 Financial Highlights (all figures excluding special items) Revenue NOK 14.4 billion EBITDA NOK 1.2 billion EBITDA margin 8.4 percent Earnings per share NOK 1.35 Order intake NOK 25.6 billion (1.8 times book-to-bill) Order backlog NOK 72.1 billion "We are keeping up momentum in yet another high-activity quarter, resulting in good progress on our project portfolio and solid financials. This speaks volumes about the strength and resilience of our organization," said Kjetel Digre, Chief Executive Officer of Aker Solutions. "Our recent contract wins show that we remain a competitive and trusted partner in the broader energy market. At the same time, we continue our efforts together with our clients and strategic partners to improve productivity and drive down costs," said Digre. Key developments Revenue in the first quarter increased to NOK 14.4 billion compared to NOK 11.5 billion in the first quarter of 2024, representing a growth of 25 percent. EBITDA increased to NOK 1,213 million, compared to NOK 987 million in the same quarter last year. The underlying EBITDA margin for the quarter was 8.4 percent, or 7.2 percent if excluding the net income from OneSubsea. As previously disclosed, the legacy renewables projects have been both operationally and commercially challenging. The projects are progressing for delivery in 2025. Discussions are ongoing with both clients and subcontractors to solve these commercial challenges. Order intake for the quarter ended at NOK 25.6 billion, or 1.8-times book-to-bill. Most of the new orders relate to the 'second generation' of renewables and transitional energy projects in Aker Solutions, with balanced risk-reward profiles and focus on standardization to reduce costs. The secured order backlog at the end of the quarter stood at NOK 72.1 billion. OneSubsea, owned 20 percent by Aker Solutions, also delivered strong financial results in the period, with an EBITDA margin of 20.4 percent. OneSubsea has an attractive dividend policy with ambitions to distribute more than USD 250 million during the year. During the first quarter, Aker Solutions received NOK 152 million in quarterly dividends from OneSubsea. Aker Solutions' financial position remains solid with a net cash position of NOK 3.4 billion at the end of the first quarter. Outlook and financial guiding The company continues to have a solid order backlog and a large tender pipeline of about NOK 85 billion, dominated by oil and gas opportunities in Europe. Based on the secured backlog and market activity, full year revenue in 2025 is now expected to exceed NOK 55 billion. At this early stage, the underlying EBITDA margin, excluding net income from OneSubsea, is expected to be in the 7.0-7.5 percent range for the full year of 2025. Earlier this week, the Annual General Meeting approved the cash dividend of NOK 3.30 per share which will be paid on May 8, 2025. CONTACT: Preben Ørbeckinvestor +47 470 10 611 Hallvard Norummedia +47 913 80 820 This information was brought to you by Cision The following files are available for download: 1Q-2025-Presentation View original content: SOURCE Aker Solutions ASA Sign in to access your portfolio
Yahoo
24-02-2025
- Business
- Yahoo
OneSubsea and Innovex Sign Master Service Agreement for Subsea Wellhead Technology
HOUSTON, February 24, 2025--(BUSINESS WIRE)--Innovex International, Inc. (NYSE: INVX) ("Innovex"), a leading provider of products and technologies to the oil and gas industry, today announced the signing of a strategic Frame Agreement with SLB OneSubsea, for the supply of subsea wellhead systems. This agreement establishes a standard framework for enhanced collaboration, paving the way for faster development of future business opportunities, strengthening the long-standing relationship between OneSubsea and Dril-Quip (now Innovex). "This strategic agreement with OneSubsea underscores our commitment to continuously enhance and optimize our product offerings for our customers," said Adam Anderson, CEO of Innovex. "This collaboration further deepens our relationship with OneSubsea, enabling us to deliver integrated solutions, faster, addressing the evolving needs of the global energy sector. We are excited about the tremendous opportunities this agreement brings and are eager to provide enhanced value across the industry." About Innovex International Innovex International, Inc (NYSE: INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc and Innovex Downhole Solutions. Our comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer. With locations throughout North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service. Cautionary Statement Regarding Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the performance and benefits of the Company's products. Forward-looking statements are based upon certain assumptions and analyses made by the Company in light of its experience and other factors. These statements are subject to risks beyond the Company's control, including, but not limited to, operating risks and other factors detailed in the Company's public filings with the Securities and Exchange Commission. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual outcomes may vary materially from those indicated. View source version on Contacts Investor Relations: Avinash Cuddapah, Senior Director of Investor Media Relations: Nichola Alexander, Senior Director of Sign in to access your portfolio
