DeepOcean stays alone in contract with Equinor as TechnipFMC opts out

Norwegian ocean services provider DeepOcean is taking 100% ownership of the pipeline repair and subsea intervention (PRSI) Pool Services contract with Equinor, formerly operated in a joint venture (JV) with TechnipFMC.

To remind, Equinor has operational responsibility for what is said to be the world’s most extensive subsea pipeline system for transportation of gas as the technical operator of the PRSI pool, which consists of over 20 energy companies that cover their offshore pipeline and power cable repair contingency via the pool.

DeepOcean and Technip Norway have cooperated on the pipeline repair subsea operations contract with Equinor and the pool members since 2007, first with TechnipFMC as a contractor and DeepOcean as a sub-contractor. In 2014, the partners engaged in a framework agreement with Equinor for maintenance, operations, and emergency preparedness through a JV.

As part of a recent joint agreement with TechnipFMC, DeepOcean will take over the contract for the remainder of the contract period. The Norwegian company noted that this would grant it access to a significant portion of expertise in this field as 26 employees in the JV will be integrated into DeepOcean.

“DeepOcean is very excited to expand our competence and capacity in this highly complex and specialised area. The technology involved is world leading and we are extremely proud of the accomplishments achieved. We look forward to supporting Equinor and the PRSI Pool members going forward,” said Olaf A. Hansen, Managing Director of DeepOcean Europe.

DeepOcean recently secured what it says is its largest contract on record which includes the provision of subsea inspection, maintenance and repair (IMR) for Equinor, keeping it busy for eight years, from 2027 to 2035.

The parties at the beginning of 2024 signed a frame agreement for subsea infrastructure and cable repair for offshore oil & gas and renewables, covering marine services including subsea intervention and repair contingency for subsea pipelines, structures and high-voltage cables.

This came shortly after DeepOcean had won a contract with Equinor for the delivery of pipeline inspection and survey scopes on the operator’s pipelines in the North Sea. The two companies in the summer of 2023 also entered a contract for riser replacement operations at a platform located in the northern part of the North Sea.