Ratos company Aibel receives extension of Equinor frame agreement


Equinor has decided to exercise a contract option for maintenance and modifications services on the Norwegian Continental Shelf (NCS). Aibel estimates that the value of the extension is approx. NOK 5.5 billion. Aibel will work on continuous improvements, digitalization of processes, and contribute to a sustainable development of the NCS.

Aibel's frame agreements with Equinor for maintenance and modifications comprise work on ten offshore installations and five onshore facilities, and the agreements constitute a major part of Aibel's activities. The current agreements expire at the end of February 2023, and the new extension prolongs the agreement until February 2026.

“As owners, we are proud of Aibel and thankful to Equinor for the award. It means securing jobs and it is a message of strength for Aibel's future operations,” says Christian Johansson Gebauer, member of the board of Aibel and President Business Area Construction & Services at Ratos.

Going forward, Aibel and Equinor will continue to work on several common objectives within HSE, efficiency improvements, new technologies and implementation of digital tools. In addition, there will be a strong focus on low-carbon deliveries and ensuring safe, smart and cost-effective deliveries.

"The frame agreement is very important for Aibel. Maintenance and modifications contract provides significant activity, not at least in North of Norway, and we are very pleased to have continued our long-term relationship with Equinor. The agreement offers interesting tasks and good predictability for the approximately 1,000 employees who regularly work on M&M services from our offices, yard and on off- and onshore installations," says Aibel President and CEO, Mads Andersen.

About Aibel
Aibel is a full-range supplier of innovative and sustainable solutions. The company builds and maintains critical infrastructure for energy companies and is one of the largest suppliers on the Norwegian continental shelf. Aibel holds a leading position within electrification of offshore oil and gas installations and onshore processing plants and is a significant supplier to the European offshore wind industry. More than 4,300 skilled employees work close to the customers at the company's offices in Norway, Thailand and Singapore. In addition, Aibel owns two modern yards in Haugesund, Norway, and in Laem Chabang, Thailand, with significant prefabrication and construction capacity.

For further information:
Christian Johansson Gebauer, Board member in Aibel and President Business Area Construction & Services, Ratos, +46 8 700 17 00
Mads Andersen, President and CEO, Aibel, +47 982 96 501
Josefine Uppling,VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 36 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.