Equinor (EQNR) Awards EPC Contract to SLB for Fram Sør

Equinor ASA (NYSE:EQNR) is one of the best very cheap stocks to buy according to hedge funds. On August 25, the company awarded SLB OneSubsea an engineering, procurement, and construction (EPC) contract for a major subsea production system in the Fram Sør field, located in offshore Norway. The decision follows a year-long joint engineering phase that culminated in its development plan and final investment decision (FID).

The project includes the delivery of four subsea templates and 12 all-electric subsea trees. The all-electric system is expected to minimize topside modifications, reduce complexity, and free up space on the host platform, Troll C. This makes the project more cost-effective and allows for potential future expansion. The Fram Sør field will be tied back to the existing Troll C platform, which is powered from the Norwegian mainland.

The project is a one-of-a-kind initiative in the history of the energy industry. However, commencement will wait for regulatory approval of the Plan for Development and Operations (PDO), which has been submitted to the authorities.

Equinor ASA (NYSE:EQNR) is an integrated energy company headquartered in Norway. It engages in the exploration, production, transportation, refining, and marketing of oil and natural gas. The company operates across more than 30 countries and is a major supplier of natural gas to Europe.

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Disclosure: None. This article is originally published at Insider Monkey.