Offshore energy services provider Aker Solution has said it has been issued a letter of award for an offshore maintenance project with an undisclosed client.
The Norwegian company said the letter of award for offshore maintenance and modification services had been awarded to a joint venture in which Aker Solutions is taking part.
Aker Solutions did not say who the other party to the JV was, nor who the client was.
The company said that the contract was for a term of five years and would cover offshore assets that require maintenance and upgrades to maintain production levels. The revenue under the awarded contract over the full term is equivalent to approximately $400 million, Aker Solutions said.
"Aker Solutions expects the negotiations to be completed and a binding contract to be signed by end of first quarter 2020. Aker Solutions will book its full corresponding revenue under the contract as order intake in the quarter of the contract's signing," Aker Solutions said Wednesday.
In a separate statement on Wednesday, Aker Solutions announced it had won a front-end engineering (FEED) study by Equinor for the electrification of the Troll B and C platforms in the North Sea from shore, with the aim to reduce CO2 emissions from the field.
The contract includes an option for the engineering, procurement, construction and installation (EPCI) work following the completion of the study. Read more on that here.