Aibel receives extension of Equinor frame agreement

Equinor has decided to exercise a contract option for maintenance and modifications services on the NCS. Aibel estimates that the value of the extension is approx. NOK 5.5 billion.

Aibel Hammerfest photo Rino Engdal
Aibel in Hammerfest. Photo: Rino Engdal/Aibel

Aibel's frame agreements with Equinor for maintenance and modifications comprise work on ten offshore installations and five onshore facilities, and the agreements constitute a major part of Aibel's activities. The current agreements expire at the end of February 2023, and the new extension prolongs the agreement until February 2026.

"The frame agreement is very important for Aibel and represents a foundation in the extensive cooperation we have with Equinor. The maintenance and modifications contract provides significant activity, not at least in North of Norway, and we are very pleased to have continued our long-term relationship with Equinor. The agreement offers interesting tasks and good predictability for the approximately 1,000 employees who regularly work on M&M services from our offices, yard and on off- and onshore installations," says Aibel President and CEO, Mads Andersen.

Going forward, Aibel and Equinor will continue to work on a number of common objectives within HSE, efficiency improvements, new technologies and implementation of digital tools. In addition, there will be a strong focus on low-carbon deliveries and ensuring safe, smart and cost-effective deliveries.

"We will strive to continue to deliver good HSE results, quality in execution and world-class productivity. Furthermore, we will work on continuous improvements, digitalization of processes, and contribute to a sustainable development of the Norwegian Continental Shelf," says Nils Arne Sølvik, Executive Vice President for Modifications and Yard Services in Aibel.