Under this contract, Bumi Armada will be responsible for supplying a floating production storage and offloading vessel and either a floating liquefied natural gas unit or a gas pipeline for potential development.

This alliance, initially established in 2015 and recently renewed for seven more years, has been instrumental in securing key projects, including subsea dual-bore trees in the West of Shetland at the Schiehallion and Loyal fields.

This contract follows a period of repair for the rig after a mechanical failure in late 2022.

Orcadian Energy has entered into a provisional agreement with an operator for a potential farm-in to its £1 billion Pilot project located in the North Sea.

This collaboration aims to potentially reduce CO2 emissions from FPSOs by as much as 70%.

A total of 14 companies have been awarded 21 carbon storage licenses, following the initial results announced in May, which saw one new license and two additional firms included.

The contract is expected to have a duration of approximately three months, with a planned start date in mid-Q4 2023, subject to customary permitting and prefunding approvals.

The installation will be conducted using Saipem's construction vessels and is scheduled for 2024.

The combined value of these contracts stands at approximately USD 369 million for their respective firm periods.

This transformative collaboration is valued at approximately $330 million and encompasses a comprehensive master services agreement alongside associated contracts.