The trading update for the quarter ended on September 30 also highlighted group revenue for the first nine months of the year at $4.46 billion, representing a growth of 13%.

Aker BP's entire portfolio of existing assets, including Ula, Valhall, Ivar Aasen, Edvard Grieg, Skarv, and Alvheim FPSO, is included in this agreement, with the potential for further extension to cover new assets.

This groundbreaking collaboration seeks to replace the conventional utilization of high-cost subsea umbilical cables, potentially revolutionizing small North Sea tiebacks and offering a cost-effective means of extending the lifespan of the UK's aging production hubs in the North Sea.

The three firms entered into agreements last summer to create the joint venture, which will comprise the subsea businesses of SLB and Aker Solutions, with Subsea 7 acquiring a 10% stake in the venture.

The project is expected to last 18 months and involves the replacement of four BOS Liebherr cranes that have exceeded their expected operational life.