South Korean offshore and marine giant Samsung Heavy Industries (SHI) said it has signed a “strategic collaboration agreement” with the Norwegian energy major Equinor aimed at deepening co-operation on Equinor’s new projects.

SHI said in a statement that the two companies recognise a longer-term and closer collaboration on Equinor’s future project portfolio requiring “Asian Solutions” could be mutually beneficial over the next five years.

The collaboration will enable the two sides to share opinions on mid- to long-term business strategies and broaden their co-operation.

The collaboration will cover Equinor’s oil and gas business, as well as its expansion into the renewable energy sector through select solar and offshore wind projects.

The two companies have a history of working together on major offshore oil and gas projects, including the Kristin and Johan Sverdrup developments in Norway.

Equinor has several oil and gas growth projects in its portfolio including Wisting and Bay du Nord.

A spokesperson for SHI told Upstream the agreement means “SHI will be given a preferred status in terms of Equinor’s construction orders which require Asian Solutions.”

Equinor chief procurement officer Mette Ottoy said: “SHI is a highly reliable partner which has successfully carried out various offshore fabrication and engineering, procurement and construction projects in close collaboration with Equinor.

“This agreement helps lay the groundwork for future offshore energy development projects in a stable way. The agreement covers oil and gas, offshore wind and potentially low carbon solutions when Asian yard capacity is preferred.

“We will build on the experience from oil and gas while extending our offshore wind portfolio and accelerate the energy transition together with Samsung,” she added.

SHI executive vice president S I Ohsaid: “This is the first time that we have formed a strategic partnership with a global energy company. We will deepen our co-operation, encompassing Equinor’s new projects.”

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