Equinor chooses Saipem for industry-first autonomous subsea drone project

Equinor has awarded Saipem a subsea service contract using a wireless underwater intervention drone. Equinor joins YPF Luz for the development of the Cañadón León wind farm in Santa Cruz in Argentina. New York State governor Andrew M. Cuomo today announced Equinor’s Empire Wind as a winner. This contact will make Equinor the first user of technology expected to be completed in 2020. Company agreed with Lundin Petroleum AB to divest a 16 percent shareholding. Equinor has entered into an agreement to sell a 25% ownership interest in the Arkona offshore wind farm. It is the first contract signed for the use of advanced wireless drone services.

Anders Opedal, executive vice president says “This is a historic contract in the oil and gas industry”.

Equinor, on behalf of the Njord licence, has awarded Saipem a subsea service contract using a wireless. CPIH (China Power International Holding) and Equinor have signed a Memorandum of Understanding (MoU). Equinor aims to help shape the development of this type of technology. Equinor is progressing oil spill recovery at the South Riding Point terminal in the Bahamas. Equinor is launching a share buy-back programme of up to USD 5 billion. Equinor and YPF Luz today announced that the companies have entered an agreement. The 816 megawatt (MW) offshore wind project will bring renewable energy to New York consumers.

Since 2016 company have more than doubled the value of our investment in Lundin. The services from Saipem Limited Norway Branch will be employed when the Njord field resumes production in 2020. The contract will make Equinor the first user of technology expected to be completed in 2020. The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric. It is a historic contract in the oil and gas industry. The new technology employs an underwater intervention drone, Hydrone-R. An onshore team has started to recover oil and move it into tank storage. The first tranche of the programme of around USD 1.5 billion is commencing.

Company pleased to secure a contract that will bring subsea technology a big step forward. The MoU also opens for potentially expanding the collaboration between the two companies. A response team continues to assess the damage and plan the recovery work. The drone may be autonomous below Njord for months between scheduled maintenance. China is rapidly increasing its use of renewables and natural gas. Initial recovery assets have been deployed and additional machinery and equipment is being added. Equinor is committed to capital distribution to shareholders. The agreement establishes that Equinor will have a 50% stake of Luz del Leon.

Hydrone-W will be connected to the platform like a traditional ROV. The total installed capacity and power has already been sold to CAMMESA under the RENOVAR 2 Program. Equinor’s 816 MW winning bid confirms the company’s role as a major contributor in meeting. The transaction gives the opportunity to capitalize on this value creation. RWE Renewables will remain the operator with a 50 % interest. The services from Saipem Limited Norway Branch will be employed when the Njord field resumes production in 2020. The use of the technology will therefore contribute to significant carbon reduction.

The divestment demonstrates Equinor’s ability to realise value from the development of offshore wind projects. The country is set to become the world’s biggest offshore wind market by 2030. In addition, the response time will be reduced. The share buy-back programme of up to USD 5 billion, including shares to be redeemed from the Norwegian State. Company satisfied with this agreement with Equinor as a strategic partner for the development. Furthermore, the operations will not be dependent on weather conditions. Recovery is expected to be significantly stepped up over the coming days in close dialogue with local authorities.

It also represents an important milestone for Equinor’s ambition of building. Equinor’s Empire Wind project will help bring renewable energy to New York City. Arkona was delivered under budget and on time and has had strong operational performance. The value of the fixed part of the contract is estimated at about EUR 40 million. It is still Equinor’s assessment that no oil is leaking from the terminal. The project is expected to create approximately 800 local jobs during construction. Under the terms of the agreements, Equinor will divest around 54.5 million shares in Lundin. Total consideration for the divestment of shares in Lundin amounts to around USD 1.56 billion.

Offshore wind assets with prudent operators such as RWE Renewables are attractive to institutional investors. The contract lays down requirements for permanent presence in Norway and Norwegian-speaking personnel. The purpose of the share buy-back programme is to reduce the issued share capital of the company. An area with suspected oil spill in open water has now been confirmed to be a patch of seaweed. All shares repurchased as part of the programme will be cancelled. It’s Enabling personnel to plan and perform operations from shore rather than being flown offshore. Company look forward to continuing strong and successful partnership with them.

Olav A.Godo said “It is very exciting to be a pioneer for this type of technology offshore”.

Equinor’s proprietary docking station for data transmission and subsea induction charging will be installed. Company pleased to deepen and strengthen our relationship with Argentina’s leading energy company YPF. Equinor will acquire a 2.6% direct ownership share in the Equinor operated Johan Sverdrup field. The drone may be autonomous below Njord for months between scheduled maintenance. Equinor is excited to collaborate with CPIH to develop offshore wind. Lasting for ten years, the contract has five 2-year options for additional extension. Another area with potential product 70-80 kilometers north east of the terminal on the other side.

The value of the fixed part of the contact is estimated at about EUR 40 million. The use of this technology will therefore contribute to significant carbon reduction. CPIH is a leading power generator in China. According to an agreement between Equinor and the Norwegian State, represented by the Ministry of Petroleum. Equinor is realizing significant value creation from its investments in Lundin Petroleum. Equinor will also invest over $60 million in port upgrades in New York. The contact lays down requirements for permanent presence in Norway and Norwegian-speaking personnel.

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