Valemon win for Westcon


Westcon has secured an award from Statoil to prepare the Valemon platform topsides for installation at the North Sea field off Norway as the local rig outfitting yard targets fresh investments to win more work after seeing earnings drop last year.

Statoil has reserved space at a newly deepened quay at the yard’s Floro facility for the platform deck that is currently en route after sailaway from South Korea’s Samsung Heavy Industries on heavy transport vessel Dockwise Triumph at the weekend.

Westcon is due to receive the topsides in late July and will carry out cleaning and preparatory work on the unit ahead of installation at the field by heavy-lift vessel Saipem 7000.

No value was disclosed for the award.

The yard, based at Olen on Norway’s west coast, revealed it intends to plough investments of Nkr430 million ($71.3 million) into infrastructure, competence development and project management to give it greater market clout in the face of tough competition from foreign rivals.

Westcon is already investing Nkr200 million into expansion of its production facilities, new customer offices and extended accommodation for hired foreign workers.

A dearth of fresh rig outfitting contracts, as well less oilfield services work, hit the company’s earnings last year, with its net profit falling 22% to Nkr391.7 million despite a 23% rise in revenue to Nkr3.08 billion.


Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?