Norwegian major Equinor has today signed a contract with Norwegian energy contractor Aker Solutions for front-end engineering and design (FEED) of a circular floating production, storage and offloading vessel (FPSO) for the Wisting oilfield.

The award was announced in October.

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The contract is valued at around Nkr350 million ($41 million), the study includes an option for engineering, procurement, construction and installation (EPCI) calculated at Nkr8 billion to Nkr12 billion ($930 million to $1.4 billion).

The Wisting field is a standalone field development in the Barents Sea, containing close to 500 million barrels of oil equivalent.

Capital investments are expected to be in the order of Nkr60 billion to Nkr75 billion ($7 billion to $8.8 billion).

The concept chosen for the Wisting development involves a circular FPSO and a power-from-shore solution to be integrated in the technical solution. According to Equinor, this will result in very low carbon dioxide emissions from the field.

“We plan to submit the plan for development and operation (PDO) to the authorities at the end of 2022. A decision to develop the Wisting field will generate considerable value for Norwegian society and spin-offs for Norwegian supplier industry both in the development and operations phases,” Geir Tungesvik, senior vice president for project development for Equinor, said in a statement.

A floating production unit is to be developed in the FEED phase and Aker Solutions will be responsible for creating an overall solution covering topside facilities, living quarters and a hull. The supplier expects the total scope of work to involve around 5500 person-years.

Involving up to 270 people, the FEED work will mainly be carried out in Norway.

Equinor said in a statement that Leirvik AS and Sevan SSP will contribute as sub-suppliers of engineering services for the living quarters and hull respectively.