TechnipFMC Wins $1B Norway Subsea Contract

A major subsea development in the North Sea has moved forward as TechnipFMC secures a large integrated engineering, procurement, construction and installation (IEPCI) contract from Norwegian operator Vår Energi.
The contract covers subsea work for the Ofelia and Gjøa Nord developments, located in the Gjøa area of the Norwegian continental shelf. The deal is valued at approximately US$500 million to US$1 billion, according to TechnipFMC.
The award forms part of a broader five-year framework agreement signed between the two companies in 2025, covering future subsea developments including Ofelia, Gjøa Nord, and other tie-back opportunities in the region.
Vår Energi has also sanctioned the wider Gjøa Subsea project, which includes the Ofelia, Gjøa Nord, and Cerisa discoveries. These fields will be tied back to existing infrastructure at the Gjøa and Duva hubs, improving development economics and accelerating time to production.
Total capital expenditure for the project is estimated at around NOK 14 billion (approximately US$1.42 billion), according to Norway’s Ministry of Energy.
First production from Cerisa is expected in 2027, followed by Ofelia and Gjøa Nord in 2028, marking a phased development approach for the cluster.
The combined discoveries hold estimated recoverable resources of around 76 million barrels of oil equivalent, reinforcing the North Sea’s continued role as a key production basin for Europe.
Vår Energi operates the Gjøa Subsea project with varying partner interests across the fields, including Pandion Energy, Harbour Energy, Aker BP, DNO Norge AS, Petoro, OKEA, INPEX, and Orlen, depending on the specific license area.
The project highlights continued investment in subsea tie-back developments, which remain a cost-efficient approach to unlocking remaining reserves in mature offshore regions.