Norway's Equinor awards $10 billion five-year supplier contracts

Norway's Equinor awards $10 billion five-year supplier contracts | Global Banking & Finance Review | GBAF

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Home > Finance > Norway's Equinor awards $10 billion five-year supplier contracts

Finance

Norway's Equinor awards $10 billion five-year supplier contracts

Published by Global Banking and Finance Review

Posted on January 8, 2026

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Tags:oil and gas investment financial services Project Management

By Nerijus Adomaitis

OSLO, Jan 8 (Reuters) - Equinor said on Thursday it had signed framework agreements worth 100 billion Norwegian crowns ($9.93 billion) with a group of suppliers for maintenance and modifications of its offshore and onshore installations.

The new deals for a five-year period, with options to extend by a further three- and two-year periods, were signed with Aibel, Wood Group, IKM Group, Head Energy and Rosenberg Worley, Moreld Apply and Aker Solutions.

They replace deals signed in 2016 with Aibel, Apply, Wood Group, Aker Solutions and Reinertsen that expire in March. Aker Solutions acquired Reinertsen's offshore business in 2017.

CORE BUSINESS FOR SUPPLIERS

Aker Solutions said in a separate statement on Wednesday it would book its part of the five-year contracts, excluding options, as a major order intake in the first quarter of 2026.

It defines a major contract as being between 8 billion and 12 billion crowns.

Maintenance and modification contracts are widely seen as the core business of subcontractors to Norway's oil industry, amid lower demand for new field developments as large projects are wrapping up and few major oil and gas discoveries remain.

Privately-owned Aibel estimated the value of its five-year contracts to be around 20 billion crowns. Maintenance and modifications make up about 30-40% of its business in Norway.

"A lot of activity on the Norwegian continental shelf will revolve around existing infrastructure, upgrades, maintenance, tying in subsea fields. That's what these contracts are about today," Aibel CEO Mads Andersen told Reuters.

Aker Solutions CEO Kjetil Digre said it still expects oil companies to approve some sizeable new developments in the future, including Equinor's Wisting discovery in the Barents Sea, which was put on hold due to soaring costs in 2022.

On Wednesday, Aker Solutions announced layoffs at one of its Norwegian shipyards, which specializes in building steal constructions for offshore fields.

($1 = 10.0723 Norwegian crowns)

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik and Alexander Smith)

Frequently Asked Questions about Norway's Equinor awards $10 billion five-year supplier contracts

1What are maintenance contracts?

Maintenance contracts are agreements that outline the responsibilities and services provided for the upkeep and repair of equipment or facilities.

2What is project management?

Project management involves planning, executing, and overseeing projects to ensure they are completed on time, within budget, and to the required quality standards.

3What is the oil and gas industry?

The oil and gas industry encompasses the exploration, extraction, refining, and distribution of oil and natural gas products.

4What is investment in the context of business?

Investment refers to the allocation of resources, usually money, to generate income or profit over time.