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23.10.2017

The projects which have become 10.5 billion cheaperSince the previous estimate last year, 12 construction projects on the Norwegian shelf have achieved price cuts of a total of NOK 10.5 billion.

John Økland

Since the previous estimate last year, 12 construction projects on the Norwegian shelf have achieved price cuts of a total of NOK 10.5 billion.

This is shown by figures in the national budget.

We can see the biggest cut on Johan Sverdrup Phase 1.

Here, the price is down to NOK 102.5 billion. That alone is down 6.8 in one year, and down 22 billion in total.

“Most of the reductions have been because all the big engineering, fabrication and installation contracts were awarded under favourable market conditions in 2015 and 2016, and reductions were also achieved by managing the project more efficiently. The reduction is also a result of more efficient drilling operations and keeping a check on the scope of work”, is what was said about the reductions on Johan Sverdrup.

Projects like Maria and Aasta Hansteen have also fallen in price.

About Aasta Hansteen:

“Since December 2015, the operator has seen significant improvements in progress at the yard, and progress on the project is now good. Reductions since the reports last year were mainly achieved by better project implementation, through reduced costs relating to drilling and platform construction”.

About Maria:

The reduction is due to favourable market conditions, more efficient drilling operations, few changes in the project compared with the PDO, and a shorter implementation time compared with the original project schedule, as well as by managing the offshore installation work efficiently.

Martin Linge continues to increase in price. The project has risen by another NOK 1.3 billion. Now the gap is at NOK 12.1 billion, and new estimates show that the final bill will be NOK 41.3 billion.

“A fatal accident occurred at the yard in South Korea in May 2017. The accident had consequences in terms of progress on the building work at the yard”. Martin Linge’s operator, Total, has informed the Ministry that production start-up has been further delayed until the first half of 2019.

Source: petro.no

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