The global energy industry has experienced a dynamic week of contract awards, signaling continued investment and strategic growth in both traditional oil and gas operations and the rapidly expanding renewable sector. Companies across the supply chain are securing significant mandates, reflecting a commitment to energy security and the ongoing transition.
In the oil and gas sector, the UK’s supply chain has been particularly active. Aberdeenshire-based surface preparation specialist eBlast, a division of eGroup, announced multi-million-pound contract wins as it celebrates its 25th anniversary. These contracts involve providing critical surface preparation for offshore components, supporting high-profile developments for major operators including Shell, Aker BP, Equinor, Harbour Energy, TotalEnergies, and ExxonMobil in the North Sea. These awards underscore the ongoing demand for specialist services in maintaining and developing the region’s hydrocarbon assets.
Further strengthening the oil and gas landscape, Aker Solutions secured a “sizeable” contract from Equinor for the Fram Sør tie-in project in the North Sea. This significant agreement covers engineering, procurement, construction, installation, and commissioning (EPCIC) for modifications to the Troll C platform topside and new subsea templates, with production targeted for late 2029. Separately, Premier Corex has expanded its tailored flow assurance services in the UAE, indicating active exploration and production support in the Middle East. Additionally, ADNOC Gas signed a three-year agreement valued at $400 million to supply liquefied natural gas (LNG) to Germany’s SEFE Securing Energy for Europe, with deliveries commencing this year, highlighting global efforts to diversify energy supply.
On the renewable energy front, the UK’s commitment to green power continues to drive substantial investment. While announced earlier in September 2024, the impact of the UK government’s Allocation Round 6 (AR6) remains a focal point. This round awarded contracts to a record 131 clean energy projects, totaling 9.6 GW of capacity, including significant offshore wind developments like Hornsea 3 and Hornsea 4, and the pioneering Green Volt floating offshore wind project. These contracts are critical to achieving the UK’s decarbonization targets and are now progressing through their development phases.
Internationally, Ørsted has successfully reached financial close on a substantial project finance package of approximately EUR 2.64 billion for its Greater Changhua 2 offshore wind project in Taiwan. This package, secured with a consortium of 25 banks and five Export Credit Agencies (ECAs) including UK Export Finance (UKEF), underscores strong investor confidence in large-scale offshore wind developments. Furthermore, DNV is collaborating with ACCIONA Energía to assess second-life Battery Energy Storage System (BESS) solutions, promoting circular economy principles within the energy storage segment.
These recent contract awards collectively demonstrate a resilient and expanding energy sector, with strategic investments being made across the value chain to ensure energy security and accelerate the transition towards a more sustainable future.
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