Aker Solutions has received a letter of intent from Equinor for a contract covering front-end engineering and design for a cylindrical floating production, storage and offloading vessel to be used for the Wisting field development in the Barents Sea.

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The contract also includes an option for engineering, procurement, construction and integration for the topsides of the planned FPSO.

“If the field development moves forward to execution phase, Aker Solutions estimates the EPCI option to potentially represent a significant contract, subject to final investment decision and regulatory approvals,” the company said.

Aker Solutions defines a significant contract as being between Nkr8 billion and Nkr12 billion ($960 million to $1.4 billion).

Aker Solutions said work on the FEED process will begin immediately, with scheduled completion in the third quarter of 2022. The work will be led by the Aker Solutions offices in Fornebu, Norway.

"Wisting is one of the largest upcoming industrial projects in Norway. We are looking forward to continuing our longstanding relationship with Equinor for this significant field development, and to mature the project towards a planned investment decision,” said Sturla Magnus, executive vice president and head of Aker Solutions' topsides and facilities business.

Aker Solutions is believed to have topped KBR and Aibel in winning the FEED contract from Equinor.

The Norwegian state-controlled oil and gas company decided in June that it would require a cylindrical floater supplied with power from shore for the project. Equinor’s specifications call for production of 150,000 barrels per day.

The Wisting project is estimated to cost between Nkr50 billion and Nkr75 billion.

The field lies in approximately 400 metres of water, some 300 kilometres off the coast of Norway, and holds an estimated 450 million barrels of oil.

Equinor operates Wisting with a 35% stake and is partnered by Austria’s OMV on 25%, Norway’s Petoro on 20% and Swedish-owned Lundin Energy Norway and Idemitsu Petroleum of Japan each on 10%.