Ocean Installer has secured an EPCI contract valued at over NOK 2 billion to execute subsea installation services for the Balder Next New Wells Project. This agreement accelerates the development of Jotun FPSO satellite fields, targeting first oil production by 2027 and reinforcing long-term subsea infrastructure investments in the Norwegian sector.
Ocean Installer, a prominent subsea construction and engineering firm operating under the Moreld group, has secured an EPCI (engineering, procurement, construction and installation) contract exceeding NOK 2 billion to execute subsea umbilicals, risers, and flowlines (SURF) installation for Vår Energi, a leading independent energy producer on the Norwegian Continental Shelf. According to official disclosures, this agreement covers the Balder Next New Wells Project, which involves expanding a seven-well satellite field tied to the Jotun floating production storage and offloading vessel.
This development is critical for sustaining hydrocarbon output in mature Norwegian assets. By integrating new satellite wells into existing infrastructure, operators can maximize resource recovery while minimizing capital expenditure compared to greenfield developments. The project aligns with broader regional strategies to optimize existing hubs, ensuring continued energy security and operational efficiency in the North Sea.
For the subsea engineering sector, this award underscores sustained capital deployment in the Norwegian market despite the global energy transition. It signals robust demand for specialized subsea tie-backs and life-extension services. Furthermore, the collaboration involves OneSubsea supplying the subsea production systems, highlighting a trend toward integrated consortium approaches for complex offshore developments.
Strategically, this marks the third project executed under the multi-year subsea partnership established in 2022 between the two entities. Securing such high-value, long-term framework agreements provides Ocean Installer with significant revenue visibility and reinforces its competitive positioning in the lucrative Scandinavian offshore market, while enabling Vår Energi to meet its 2027 first-oil targets efficiently.
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