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Equinor Partners With Optime Subsea for ROCS Deployment

Equinor Partners With Optime Subsea for ROCS Deployment


Equinor ASA, the Norwegian state-owned energy giant, has inked a deal with local subsea solutions provider, Optime Subsea, to supply two remotely operated control systems (ROCS) for deployment at the operator’s Irpa field.

Equinor’s latest agreement with Optime Subsea comes on the heels of a similar procurement just three months ago for the Rosebank field in the west of Shetland, U.K.

As part of the contract, Optime Subsea will manufacture the ROCS systems at its headquarters in Notodden, Norway, and deliver them to Equinor’s offshore base in Sandnessjoen, North Norway, by 2025. The financial terms of the contract remain undisclosed.

One of the ROCS systems will be utilized for a well completion campaign planned for 2026 at Irpa, with the other serving as a backup.

Jan-Fredrik Carlsen, the CEO of Optime Subsea, emphasized the growing adoption of ROCS in well completion operations due to their significantly lower capital and operational expenditure, as well as reduced environmental footprint compared with traditional systems.

Irpa, formerly known as Asterix, is a gas field located approximately 1,350 meters deep in the Norwegian Sea and about 340 kilometers offshore from Bodo, North Norway. It is slated for development as a tie-in to the Aasta Hansteen FPSO.

Optime Subsea’s ROCS technology eliminates the need for umbilicals and topside hydraulic control units, leading to cost savings and reduced deck space. Moreover, it enhances safety by minimizing personnel in the red zone and expedites installation and completion, particularly beneficial for deepwater fields like Irpa.

Trond Lokka, chief innovation officer at Optime Subsea, expressed optimism about the collaborative journey with Equinor, emphasizing the shared commitment to delivering tangible benefits through innovative solutions.

With the deployment of advanced subsea solutions, EQNR aims to optimize operations at Irpa while adhering to stringent safety and environmental standards.

Some other companies in the energy sector worth noting are as follows:

Sunoco LP is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.

The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.87. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.

Murphy USA Inc. is a leading independent retailer of motor fuel and convenience merchandise in the United States.

The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.01. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.

Energy Transfer LP is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.

The Zacks Consensus Estimate for ET’s 2024 earnings per unit is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.

Zacks Names #1 Semiconductor Stock

It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.

With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.

Read the latest issue of the OGV Energy magazine HERE

Published: 26-03-2024

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