FMC Technologies, announced today the award of a new EPC contract with Statoil where Phase 1 of the Johan Sverdrup field is the first call-off. The contract has an estimated value of $172 million in revenue and includes subsea trees, subsea wellheads, manifolds, and control systems integration.
A frame agreement for add-on systems and a frame agreement for subsea service offerings have also been signed.
Statoil's Johan Sverdrup field will be the largest offshore oil find in Norway in 30 years, and it is estimated to hold 1.7 billion to 3.0 billion barrels of oil equivalents. The field is expected to produce 550,000 - 650,000 barrels of oil equivalents a day when fully developed, equal to about 25 percent of current domestic output. Production is slated to start in late 2019.
Key data points: The growth forecast = 6.6% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities and forecasts in smart oilfield market to 2031 by component (hardware, software, and services), technology (internet of things, artificial intelligence & machine learning, cloud computing, data analytics, and automation & remote monitoring), application (upstream activities, midstream activities, and downstream activities), end use (independent oil & gas operators, national oil companies, international oil companies, service companies, government & regulatory bodies, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pages"FMC Technologies' long history of working with Statoil and proven track record for delivering leading-edge technologies made us a strong candidate for this award," said Tore Halvorsen, Senior Vice President, Subsea Technologies. "We are excited to play a large role in what will most certainly be one of the most important developments in the region for generations to come."
