Ocean Installer with huge contract for Statoil

The contract concerns marine operations related to a Statoil project, Johan Castberg, in the Barents Sea.

This will be the northernmost job the Stavanger based Company has ever acquired. Subsea work will be performed on the Johan Castberg project, including “Skrugard,” “Havis” and “Drivis”. All of these areas are located about 240 kilometers from Hammerfest and 100 kilometers north of Snøhvit (Snow White).

– We are very pleased to be involved with Statoil when the company moves further north, and for the trust it entails being given responsibility for the significant and varied subsea installations that are part of the project, says CEO of Ocean Installer, Steinar Riise, in a press release.

The project is run from the company’s headquarters in Stavanger.

Significant size

The company sees the contract as significant, but does not want to reveal the actual value. In Sysla’s experience, the company uses the phrase “significant” when speaking about contracts worth NOK 400 million and upwards.

The water depth at which work is to be carried out is between 360 and 405 meters. Ocean Installer characterizes the contract as being comprehensive.

The company had a turnover of approximately NOK 824 million in 2016, and ended up with a profit before taxes of NOK 61 million.

Volume of up to 650 million barrels

Last week, Subsea 7 achieved a contract in the same area. The company will carry out the work relating to the design, production and installation of 53 kilometers of rigid pipeline.

Johan Castberg is located about 100 kilometers north of the Snøhvit field in the Barents Sea. The total cost will be around NOK 50 billion and will produce somewhere between 400 and 650 million barrels of oil with current technology.

Ocean Installer’s work starts today and lasts until 2022, when the production unit (FSPO) begins to deliver in 2022.