Neptune Power has awarded a contract valued over $100 million to Tenaris, underneath which the corporate will present gear and companies supporting Neptune’s drilling actions on the Norwegian Continental Shelf.
Neptune stated the contract covers the manufacture, transport, dealing with, and restore of a broad vary of casing supplies utilized in offshore drilling actions. Initially this can embody help for one exploration nicely and one appraisal nicely within the Neptune-operated Gjøa space within the Norwegian Sea in 2023.
The five-year contract has two two-year extension choices, Neptune revealed in its assertion.
“The brand new contract strengthens our collaboration with Tenaris which has supported our sturdy operational and security efficiency throughout all of our drilling actions,” Neptune’s Head of Provide Chain Administration & Logistics in Norway, Kjell-Petter Schou Andreassen, stated.
“We stay up for persevering with so as to add worth to Neptune’s operations within the years to return with our international industrial footprint, cutting-edge expertise and our superior, low carbon product portfolio,” added Tenaris’ Nation Supervisor in Norway, Christer Andersen.
The contract between the events got here into impact in mid-April 2023.
In Norway, the corporate recorded common manufacturing of 67.0 kboepd within the first quarter, reflecting a robust operational efficiency from the Gjøa, Duva, Snøhvit, Fram and Gudrun fields, Neptune outlined in its Q1 report, issued earlier this month. Throughout the interval, a fuel turbine generator failure quickly lowered output from Snøhvit in March and the A-08 nicely was shut-in at Gudrun, the corporate famous within the report.
In late 2022, the Njord challenge was introduced onstream, nonetheless, manufacturing was impacted by points with necessary processing gear through the ramp up section, Neptune stated in its Q1 report. On the finish of March, these points have been resolved and manufacturing has carried out strongly since, it added. In April, the Hyme and Bauge tie-backs have been introduced onstream and the Neptune-operated Fenja challenge began up, rising whole internet manufacturing from Norway to greater than 80 kboepd, the corporate continued.
Neptune has seen its internet revenue within the first quarter slip to $205.9 million from $493.6 million within the corresponding quarter final 12 months.
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