Statoil and partners in March formally approved the Njord Future and Bauge projects in the Norwegian Sea, which includes the Nkr5 billion ($589 million) contract to upgrade the hull and topsides on the semi-submersible platform.

"This is one of the most important contracts in the market this year,” says Kvaerner chief executive Jan Arve Haugan.

Kvaerner has a decades-long history with Njord A, having delivered the platform in 1997.