Skip to main content

Baker Hughes Strengthens Norway Presence with 2 Major Contracts from Vår Energi

Written by Customer Service on . Posted in Public Companies.

  • Transformative nine-year contract enhances well intervention and exploration logging services for Vår Energi
  • Second order includes advanced subsea production systems
  • Two contracts with Vår Energi significantly reinforce Baker Hughes’ industry leadership and growth trajectory

HOUSTON and LONDON, Sept. 29, 2023 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Friday two awards from Vår Energi that expand its regional presence in the North Sea for exploration logging, well intervention technology and subsea production systems.

The first contract, a nine-year engagement, is a testament to Baker Hughes’ heightened well intervention capabilities gained through the strategic acquisition of Altus Intervention completed in April 2023. In addition to the interventions scope, Baker Hughes will supply all exploration logging solutions to help Vår Energi further develop their prospects in the Norwegian Continental Shelf. The agreement enables a seamless integration of Baker Hughes’ market-leading technologies into the wider operations of Vår Energi, enabling a powerful impact to their carbon reduction efforts.

The second contract with Vår Energi is to deliver a bespoke Balder field vertical tree system, a Baker Hughes technology selected for the complexities of this field.

This agreement spans 15 years, signifying a trusted long-term Future Agreement (FA) in one of Vår Energi’s core focus areas, the Balder field. The contract includes the support for existing Balder legacy wells and any future developments in the Balder area. This pivotal engagement is anchored by Baker Hughes’ distinct Norway delivery model, a multimodal site in Dusavik, Stavanger, that ensures a forward-looking local future for Norway’s oil and gas industry.

“Baker Hughes has an extensive and successful history of creating value for customers in Norway and the North Sea,” said Maria Claudia Borras, executive vice president, Oilfield Services & Equipment at Baker Hughes. “The two long-term contract awards from Vår Energi enable us to deploy our superior portfolio not only in well intervention, but also in exploration logging and subsea production. Combining our technology, our exceptional regional expertise, and our dedication to a world-class customer experience ensures successful outcomes for both companies.”

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations:

Victoria Ingalls
+1 (346) 269-5764
victoria.ingalls@bakerhughes.com

Investor Relations:

Chase Mulvehill
+1-281-809-9088
investor.relations@bakerhughes.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.