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Wood Snags $42MM Onshore Norway Contract

Equinor (NYSE: EQNR) has awarded Wood (OTCMKTS: WDGJF) an engineering, procurement, construction and installation (EPCI) services contract at the Kollsnes gas processing plant in Norway, Wood reported Thursday.

Wood pointed out the $42 million contract, which Equinor awarded on behalf of operator Gassco, will elevate its onshore execution capabilities in Norway. The contract recipient noted the Kollsnes MEG Upgrade (KMU) project includes an extension of the fourth MEG train at the facility. The firm added that it performed the associated front-end engineering design study in 2019.

“We are delighted to be able to continue our long-term, global relationship with Equinor with the addition of this EPCI contract,” remarked Dave Steward, CEO of Wood’s Asset Solutions unit in Europe, Africa, Asia and Australia. “This award supports our strategic focus on strengthening our position in the onshore energy market in Norway and enables us to draw on our rich heritage and experience that exists across our global organization.”

According to Wood, its engineering team in Norway will immediately begin delivering the project scope with assistance from the firm’s global process system expertise. It added that subcontractor Kvaerner will deliver the construction scope at the Stord Yard.

“Delivering the MEG upgrade at the Kollsnes process plant allows us to leverage our market-leading expertise in downstream processing to support Equinor’s technical operations of this critical piece of onshore energy infrastructure, through which 40 percent of all Norwegian gas export flows,” commented Lars Fredrik Bakke, Wood’s senior vice president in Norway. “Our breadth of experience in the Norwegian energy sector and our close client partnership positions us for continued growth in the downstream sector, both with Equinor and across the broader Norwegian market.”

The Kollsnes gas plant – located west of Bergen – processes gas from the Troll, Kvitebjørn, Visund and Fram fields, stated Wood, which anticipates a 2023 completion for the KMU project.

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