Aker Solutions bags NOK1.5-2.5bn Hebron platform contract with ExxonMobil Canada

Aker Solutions ASA has been awarded a significant five-year brownfield maintenance and modification services contract by ExxonMobil Canada Properties for continued support of the Hebron offshore oil platform. The contract represents an extension of a long-standing relationship between the Norwegian engineering and services provider and the Canadian operations of ExxonMobil Corporation. It will be formally booked in the fourth quarter of 2025 under Aker Solutions’ Life Cycle segment.

Aker Solutions defines significant contracts as those valued between NOK 1.5 billion and NOK 2.5 billion. The contract aligns with the company’s strategy to focus on lifecycle and brownfield services in regions where it already has an operational footprint. This latest win reinforces Aker Solutions’ commitment to the Atlantic Canada market and secures multi-year work from one of the region’s most important offshore oil fields.

Why is the Hebron contract considered a strategic win for Aker Solutions?

The brownfield contract is an extension of an engineering, procurement, and construction agreement originally signed in 2015. Over the past decade, Aker Solutions has supported the Hebron platform through platform-wide upgrades and modifications. The latest contract signals ExxonMobil Canada’s continued confidence in Aker Solutions’ ability to execute complex offshore projects efficiently.

Work under the new contract will be centered out of Aker Solutions’ site in St. John’s, Newfoundland and Labrador, which has seen significant staff growth—from around 100 employees to over 350—in recent years. This build-up reflects the company’s long-term view of the Canadian offshore market. Aker Solutions stated that it would apply its multi-discipline project execution model to deliver tailored solutions, improve cost-efficiency, and meet operational timelines with greater precision.

Hebron remains one of the largest producing offshore oil fields in Canada, and the maintenance and modification services ensure that production remains optimal, safe, and aligned with long-term field development goals. The decision to renew and extend the partnership illustrates how ExxonMobil Canada continues to invest in the infrastructure and performance of its offshore assets, despite broader global energy transition dynamics.

What is the scale and significance of the Hebron platform within Canada’s offshore sector?

The Hebron oil field is located approximately 340 kilometers southeast of St. John’s in the Jeanne d’Arc Basin. Discovered in 1980, the field is estimated to hold over 700 million barrels of recoverable resources. The platform sits in about 93 meters of water and utilizes a gravity-based structure designed to endure the harsh offshore conditions of the North Atlantic.

The gravity-based structure, constructed with reinforced concrete, is built to resist sea ice, drifting icebergs, and extreme oceanographic conditions. It also provides storage capacity for around 1.2 million barrels of crude oil. The topsides structure, supported by the gravity-based foundation, includes living quarters and full-scale drilling and production facilities. Aker Solutions has played a central role in the platform’s development and integration phases, with fabrication taking place both locally in Newfoundland and Labrador and internationally in Korea.

At its peak, the Hebron platform is capable of producing approximately 150,000 barrels of crude oil per day. In addition to oil output, it handles significant water production and injection volumes and supports onboard gas processing. With a crew capacity of 220 personnel and a robust offshore loading system, Hebron is designed for high-volume, long-term production and export.

This kind of infrastructure-intensive development underscores the strategic value of Aker Solutions’ brownfield services. It not only maintains uptime and integrity but also contributes to the economic sustainability of oil and gas operations in remote offshore environments.

How are analysts and institutional investors interpreting this contract for Aker Solutions?

Institutional sentiment around Aker Solutions has increasingly shifted toward valuing its Life Cycle services portfolio, which offers more predictable cash flows and lower capital intensity compared to newbuild engineering projects. The Hebron extension represents a concrete example of this pivot, as it signals continuity of work and deeper customer entrenchment in a high-value offshore asset.

Analysts tracking the offshore services segment in Europe have noted that brownfield M&M contracts, while less headline-grabbing than full EPC projects, are central to the evolving economics of mature fields. In the case of Aker Solutions, the decision to scale its workforce in Newfoundland and Labrador over the past few years and deepen its regional capabilities is being viewed as a prudent long-term bet.

The order intake in Q4 2025 will likely strengthen the company’s Life Cycle backlog, improve near-term earnings visibility, and provide some downside protection in case of volatility in greenfield projects or exploration activity. While margins on lifecycle services can vary, they tend to be relatively stable when delivered through established regional hubs such as St. John’s.

What should investors monitor following this development in Atlantic Canada?

For investors in Aker Solutions, key factors to monitor following this contract include execution efficiency, staffing scale-up management, and potential cross-selling opportunities in the Atlantic Canada basin. Successful delivery of this contract could lead to follow-on work across other assets operated by ExxonMobil Canada or other major operators active in the region.

There are also operational risks. Offshore brownfield work, while less capital-intensive than greenfield construction, requires close logistical coordination, regulatory compliance, and cost control to maintain profitability. Factors such as weather disruption, availability of skilled labor, and inflationary pressure on equipment or marine services could affect project outcomes and margins.

From a broader strategic perspective, this contract contributes to Aker Solutions’ credibility as a lifecycle services partner in harsh offshore environments. It also demonstrates the viability of long-term international partnerships rooted in local execution capabilities. That narrative may help the company differentiate itself from lower-cost engineering players or purely domestic service firms.

What does this signal about the future of brownfield services in Canada’s offshore sector?

The Hebron extension shows that while global energy companies are moderating their new exploration budgets, they are doubling down on extracting value from existing infrastructure. In offshore Canada, particularly in Newfoundland and Labrador, brownfield services will likely play a critical role in the next phase of upstream operations.

This aligns with broader macro themes such as maximizing recovery, extending asset life, and lowering the environmental impact of oil production through efficiency and operational upgrades. Aker Solutions, by securing multi-year brownfield work, is not only hedging against capital expenditure cycles but also embedding itself into the long-term operating fabric of Canada’s offshore energy ecosystem.

The company’s emphasis on its multi-discipline execution model and regional workforce development supports Canada’s economic and employment goals, while also providing continuity in operations for ExxonMobil Canada. As fiscal regimes and energy strategies shift in response to global energy transition pressures, partnerships like this one reflect the pragmatic path many operators are taking to balance reliability, cost, and environmental stewardship.

Key takeaways: what the Aker Solutions–ExxonMobil Hebron contract means for Canada’s offshore oil sector

• Aker Solutions ASA has secured a five-year brownfield maintenance and modification services contract with ExxonMobil Canada Properties for the Hebron offshore platform.
• The contract is valued in the “significant” range of NOK 1.5 billion to NOK 2.5 billion, or approximately USD 140–230 million, and will be booked in Q4 2025 under the Life Cycle segment.
• The deal extends a relationship that began in 2015, reinforcing Aker Solutions’ long-term presence in the Atlantic Canada offshore energy sector.
• Work will be led from Aker Solutions’ regional hub in St. John’s, Newfoundland and Labrador, where staffing has expanded from 100 to 350 in recent years.
• The Hebron platform is a major oil-producing asset in the Jeanne d’Arc Basin with an estimated 700 million barrels of recoverable resources and peak production capacity of 150,000 barrels per day.
• Analysts view this lifecycle contract as a strategic win that adds visibility and stability to Aker Solutions’ earnings, while institutional sentiment favors the company’s shift toward lower-risk brownfield services.
• Investors are likely to monitor execution metrics, margin delivery, and potential for follow-on contracts in the region as indicators of long-term strategic strength.
• The contract underscores a broader offshore trend: operators like ExxonMobil Canada are investing in existing asset optimization rather than greenfield expansion.