Subsea7, OneSubsea, and Equinor forge new strategic collaboration for offshore projects

Subsea7 announced in Stavanger, Norway, the signing of a groundbreaking long-term strategic collaboration agreement with Equinor and Subsea Integration Alliance, which includes Subsea7 and OneSubsea. This new agreement introduces an integrated way of working, essential for making subsea projects economically viable through early information sharing and collaborative benefits.

The agreement facilitates an exclusive collaboration that kicks off with early, joint concept studies for two significant projects: the Wisting field offshore Norway and Bay du Nord off Newfoundland and Labrador, Canada. This collaboration could lead to direct awards of EPCI scopes to the Alliance, contingent upon final investment decisions.

Enhanced Cooperation and Future Prospects

Trond Bokn, Senior Vice President for Project Development at Equinor, highlighted the innovative approach: “Equinor is working hard to improve and mature the Wisting and Bay du Nord projects. Selecting the supplier at this early stage is a new way of approaching project development for us, and a vote of confidence in Subsea Integration Alliance. We look forward to develop concepts together, in a process with full visibility on profitability, and joint efforts to make these challenging projects sanctionable.”

Subsea7 and OneSubsea enter a strategic collaboration with Equinor to enhance offshore project viability in Norway and Canada.

John Evans, CEO of Subsea7, expressed optimism about the extended collaboration: “Subsea7 has been collaborating with Equinor for many years to optimize challenging subsea developments ranging from bundle solutions for the Snorre Expansion to the integrated Bacalhau development in Brazil. We look forward to extending and deepening this relationship as we work together to unlock the value in Wisting and Bay du Nord.”

Mads Hjelmeland, CEO of OneSubsea, also remarked on the significance of the agreement: “Equinor has long been a crucial customer to our business and to the Alliance. We couldn’t be more proud to be embarking on this collaboration. Today’s agreement underlines the trusted relationship that we have built over many years and enables us to take our collaboration further by sharing and aligning on goals and values, improving performance and learnings across projects, and unlocking new opportunities to enhance safety, risk management and sustainability results.”

This strategic collaboration marks a significant step forward in the way major offshore projects are approached and developed. By integrating the expertise of Subsea7, OneSubsea, and Equinor, the alliance is set to redefine the economics and feasibility of subsea projects. The proactive engagement in early project stages is expected to streamline processes, enhance efficiency, and increase the likelihood of project sanctioning, setting a new industry standard for collaboration.