The FINANCIAL — Norwegian engineering, procurement and construction company Kvaerner ASA said Monday it has received a contract worth close to NOK1.2 billion ($0.2 billion) from Total SA for the Hild field development in the northern North Sea.
According to Borsa Italiana – London Stock Exchange Group , the contract is for engineering, procurement, supply and construction of a steel jacket, or foundation, to be produced at Kvaerner's yard in Verdal, Norway.
"We are very pleased to have won our second jacket this year in tough international competition," says Nina Udnes Tronstad, Executive Vice President in Kvaerner responsible for the jacket business, in a statement.
The Hild field is estimated to contain 188 million barrels of oil equivalent, and total investments are estimated at NOK25 billion, according to the Norwegian ministry of petroleum and energy.
Kvaerner will commence production of the jacket in the fourth quarter of 2012 and install it in the North Sea in the spring of 2014. The total weight of the jacket and piles is 21 400 tons.
This is the forty-second jacket delivered by Kvaerner since 1975, the company said.