AKOFS Offshore, a company owned by Akastor ASA, has entered into a Letter of Intent with Equinor for provision of year-round light well intervention services (LWI) on the Norwegian continental shelf.

Pursuant to the Letter of Intent, the contract period is for five years, with an option period of three years. Contract award is subject to partner approval and final agreement on terms and conditions.

The contract value for the initial five-year period is approximately USD 370 million. The work is scheduled to commence first half of 2020 and will be performed from the AKOFS Seafarer well intervention vessel which is owned and operated by AKOFS Offshore. The vessel and its intervention system will undergo necessary modifications and upgrades as part of preparations for the contract.

"This is an important milestone for the company as we increase our operating envelope to include the Norwegian continental shelf. Equinor is a key operator of subsea wells and has been pioneering the use of subsea intervention technology. Building on experience from Norway and international operations including Brazil, AKOFS Offshore together with our partners DeepWell and WellTec, acting as subcontractors, are proud of the confidence shown by Equinor", comments Geir Sjøberg, CEO of AKOFS Offshore.

AKOFS will establish a joint operations support office with its partners in the Stavanger region in connection with the contract.