Norway's Equinor awards contracts worth $612 million for four subsea projects
Norway's Equinor awards contracts worth $612 million for four subsea projects July 7 (Reuters) - Equinor EQNR.OL has awarded contracts worth around 6 billion Norwegian crowns ($612.05 million) for four subsea projects to increase output, the Norwegian energy company said on Tuesday.
The projects will contribute in total between 130 million and 220 million barrels of oil equivalent to future production from the Norwegian continental shelf, the company said in a statement.
They are part of a first phase of planned subsea development.
Equinor is awarding the contracts on behalf of its project partners to increase the pace and reduce the costs of developments below the ocean floor.
It expects around 75 subsea developments by 2035 and aims to halve both costs and execution time through simpler processes and standardised solutions with partners and suppliers, it said.
($1 = 9.8032 Norwegian crowns)
(Reporting by Elviira Luoma, editing by Barbara Lewis)
((Elviira.luoma@thomsonreuters.com; +48 58 769 66 46))
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