HydraWell picks up long-term P&A deal in Norway
- Business & Finance
HydraWell has ben awarded a contract by a Norwegian entity of an undisclosed oil company for plug and abandonment and slot recovery operations on a major field on the Norwegian continental shelf.
HydraWell said on Friday that the contract was valid for five years plus three additional three-year options. The contract value has not been disclosed.
The operator will utilize HydraWell’s HydraHemera second generation high-pressure Perf, Wash & Cement (PWC) jetting system as their chosen technical solution for both P&A and slot recovery operations.
According to the company, the PWC technology plugs offshore wells in 2-3 days, compared to traditional section milling operations which often takes 10-14 days to complete.
Mark Sørheim, CEO of HydraWell, said: “This operator knows us and our technology well. It is an innovative player dedicated to driving down costs for plugging operations. To be able to partner with them over the next five years and beyond will further deliver cost efficiencies to all stakeholders, including the Norwegian Tax Payers.”
HydraWell added that it would manage the contract out of its headquarters in Stavanger, Norway.
In recent company news, Spanish oil company Repsol awarded a frame agreement to HydraWell for the provision of technology and services for the operator’s plug and abandonment work on the NCS.