Equinor ASA EQNR, Norway’s state-owned energy major, has awarded a sizeable contract to Aker Solutions for work on its Fram Sør subsea development in the North Sea, per an Offshore Energy report. The move marks a critical step in Equinor’s efforts to combine multiple discoveries in the northern part of the basin and enhance supply to Europe.
EQNR Entrusts Troll C Topsides Upgrade to Aker Solutions
Under the engineering, procurement, construction, installation, and commissioning (EPCIC) contract, Aker Solutions will upgrade the Troll C platform topsides to receive and process hydrocarbons from the Fram Sør subsea tie-back. The scope also includes new subsea templates. The company describes the value of the contract as "sizeable," meaning it ranges between NOK 0.5 billion and NOK 1.5 billion ($49-$150 million). Work has already begun, with the first production targeted for 2029-end.
EQNR’s Fram Sør to Tap Into Existing Infrastructure
The Fram Sør project, located about 20 kilometers north of Troll C in 350-meter-deep water, will be developed using 4 x 4 subsea templates tied back to existing Fram infrastructure and Troll C for processing and export. The reservoir lies at depths ranging from 1,800 to 2,800 meters. Equinor plans to start with 12 wells, with another four well slots reserved for future development in the Fram/Troll area.
Aker Solutions’ Bergen office, which led the front-end engineering and design, will now spearhead project execution with support from its Mumbai team. Detailed engineering, procurement, and shop engineering will be handled across both offices, while fabrication will take place at Aker’s Egersund yard in Norway.
EQNR Plans to Boost Gas Flow to Europe via Fram and Troll
At the end of June, Equinor submitted the Plan for Development and Operation for Fram Sør, emphasizing its strategic role in enhancing European oil and gas supplies. Equinor holds a 45% stake in the project, with Vår Energi and Inpex Idemitsu Norge owning 40% and 15%, respectively.
EQNR’s Zacks Rank & Key Picks
EQNR currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at a few better-ranked stocks like TechnipFMC plc (FTI), W&T Offshore, Inc. WTI and Oceaneering International, Inc. OII, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TechnipFMC continues to build momentum in its subsea business, supported by strong order activity and a growing pipeline of opportunities. A key strength in FTI’s business model is its limited exposure to U.S. land operations, which are more sensitive to volatile commodity pricing.
The Zacks Consensus Estimate for FTI’s 2025 EPS is pegged at $2.08. The company has a Value Score of B.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.
The Zacks Consensus Estimate for OII’s 2025 EPS is pegged at $1.79. The company has a Value Score of B.
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TechnipFMC plc (FTI): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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