OneSubsea JV Secures Offshore Contract with Equinor

Schlumberger's OneSubsea joint venture has secured a contract with Equinor for an offshore project. The contract involves the provision of subsea production and processing systems for the Johan Sverdrup Phase 2 development. The project is expected to start in 2024 and is valued at around $500 million. OneSubsea will supply equipment and services to Equinor to support the development of the field.

Schlumberger's OneSubsea joint venture has secured a significant contract with Equinor for the development of the Johan Sverdrup Phase 2 project. The contract, valued at approximately $500 million, involves the supply of subsea production and processing systems to support the development of the field. The project is expected to commence in 2024, highlighting the growing importance of subsea technology in offshore energy development.

OneSubsea will provide a range of equipment and services to Equinor, including subsea templates and trees, which are crucial components for the efficient extraction of oil and gas from deepwater reserves. This project underscores the increasing adoption of all-electric subsea solutions, which offer significant advantages in terms of reducing topside modifications and enhancing operational efficiency [1].

The subsea production and processing system market is experiencing robust growth, driven by the rising development of deepwater reserves and the increasing demand for cost-efficient offshore solutions. The market is projected to reach USD 35.4 million by 2032, growing at a CAGR of 8.51% during the forecast period [2]. This growth is further fueled by the need to maximize recovery from mature fields and the integration of digital technologies, such as digital twins and remote monitoring, which enhance operational reliability and efficiency.

The Johan Sverdrup Phase 2 project is a testament to the industry's shift towards modular and standardized designs, which are becoming increasingly important for cost optimization and operational efficiency. This trend is particularly evident in the adoption of all-electric subsea fields, which reduce the need for hydraulic fluid supplied by the host platform and minimize topside modifications [1].

The contract with Equinor is a significant milestone for Schlumberger and OneSubsea, highlighting their expertise in delivering innovative and efficient subsea solutions. As the offshore energy sector continues to evolve, such partnerships are likely to play a crucial role in shaping the future of subsea production and processing systems.

References:
[1] https://seekingalpha.com/news/4488701-slb-onesubsea-secures-epc-contract-for-equinors-fram-sr-project
[2] https://www.credenceresearch.com/report/subsea-production-and-processing-system-market