ShippingWatch

Statoil awards billion dollar maintenance contracts

Good news for the hard-pressed Norwegian oil and gas service sector as oil major Statoil has agreements for maintenance contracts totaling billions of dollars to a series of Norwegian subcontractors.

Photo: Statoil, PR

The oil and gas service sector, which makes it living servicing oil companies in the offshore industry, is hit hard by the massive investment slowdown and budget cuts caused by the low oil price - and Norwegian subcontractors dependent on North Sea work seem to be hit especially hard.

As such, Norway's state-owned oil behemoth Statoil brings good news to the sector today as the company has awarded key supplier contracts and so-called competition framework agreements for modifications and maintenance. The key supplier contracts are worth a total USD 2.76 billion and have been awarded to a series of Norwegian subcontractors, according to a press release issued Tuesday.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs