Subsea services firm Ocean Installer has been awarded a fast-track engineering, procurement, construction and installation (EPCI) contract by Var Energi for further development of the Balder Phase VI project for the further development of the Balder area in the North Sea.
This project is part of Var Energi’s hub development strategy in the Balder area, which is centered around the newly installed Jotun floating production storage and offloading vessel (FPSO), Ocean Installer said in a news release.
Ocean Installer said it will execute subsea umbilicals, risers, and flowlines (SURF) activities including the fabrication and installation of flexible flowlines and umbilicals.
Financial details of the contract were not disclosed.
The project is scheduled to deliver first oil by the end of 2026, reinforcing both companies’ shared commitment to efficient development of subsea tie-backs on the Norwegian Continental Shelf (NCS), according to the release.
“Var Energi is a key customer for Ocean Installer and the wider Moreld group. It’s exciting to see that Ocean Installer signs a new contract within the same week that the Jotun FPSO starts producing first oil as part of the Balder Future project, in which Ocean Installer has played a key role,” Moreld CEO Geir Austigard said.
The contract is called off under the strategic partnership contract entered into with Vår Energi in June 2022. It is also a continuation of a multi-year collaboration between Vår Energi and Ocean Installer in the Balder area, where Ocean Installer has been engaged since 2019, the release said.
“We are happy that Vår Energi continues to place their trust in us. Subsea tiebacks have been the core of our business for 14 years, and as the NCS transitions to more marginal fields, our expertise is valuable in enabling faster and more cost-efficient developments. Working together with Vår Energi to utilize existing infrastructure and previous experience has significantly shortened the overall project timeline, something both companies can be proud of,” Ocean Installer CEO Kevin Murphy said.
Last week, Var Energi confirmed a commercial oil discovery in the Equinor-operated Drivis Tubaen prospect in the Barents Sea, adding to recent exploration success in the area.
The discovery will be considered as a possible tie-in to the Johan Castberg facilities, Var Energi said in a separate statement.
The preliminary gross recoverable resources are estimated to be between 9 million and 15 million barrels of oil equivalent (MMboe). The well was drilled in the Drivis structure within the Johan Castberg field, as part of the plan to further develop the area, according to the statement.
Var Energi COO Torger Rod said, “This discovery confirms the continued potential of the Johan Castberg area and demonstrates the value of our infrastructure-led exploration strategy. The newly started field has opened up several opportunities in the Barents Sea, a region that remains largely underexplored, but with a high resource potential. With production now at plateau levels and the Isflak development progressing toward sanctioning and start-up in 2028, we are well positioned to maintain high production at Johan Castberg towards 2030 and beyond”.
The partners in Johan Castberg are Equinor holding a 46.3 percent stake, Var Energi with 30 percent, and Petoro with 23.7 percent.
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