Stavanger, 07 July 2026: Ocean Installer AS ("Ocean Installer"), a wholly
owned subsidiary of Moreld ASA ("Moreld"), has been awarded a large* contract
by Equinor for the first "Wave" of subsea tie-back projects on the Norwegian
Continental Shelf (NCS), as part of Equinor's NCS2035 strategy. The strategy
is aimed at delivering a step-change in project execution, targeting up to 50%
reduction in both cost and lead time.
* The award covers four Wave 1 projects; Omega Sør, Brime, Tyrihans Nord and
TWIN plus an optional scope at Tyrihans
* The scope covers design, engineering, fabrication and offshore works in 2027
and 2028
The award includes four projects under Wave 1: Omega Sør, Brime, Tyrihans Nord
and TWIN. In addition, the contract includes optional scope at the Tyrihans
field. Omega Sør, Brime and Tyrihans Nord are planned as flexible tie-back
developments, while the TWIN project builds on the same concept as the Troll
Phase 3 -- Stage 2 development which is currently being executed by Ocean
Installer.
The scope of work covers a broad range of SURF activities in 2027 and 2028.
The scope is well aligned with Ocean Installer's integrated capabilities
spanning engineering, fabrication and demanding offshore installation scopes.
Equinor's ambition under the NCS2035 strategy is to bring 6--8 subsea tie-back
projects on stream annually. Projects for subsequent waves have already been
identified, underlining the long-term opportunity set for efficient portfolio
execution.
"I'm pleased to see that we are successful in securing this first portfolio of
projects," said Geir Austigård, CEO of Moreld. "We believe that Ocean
Installer, together with the broader Moreld Group, is well positioned to
support Equinor in delivering on its ambitious NCS2035 targets."
"We are very supportive of Equinor's new wave approach and believe this is the
right way to significantly reduce cost and lead time for subsea tie-backs,"
said Kevin Murphy, CEO of Ocean Installer.
* Moreld defines a Large contract as between NOK 1-2 billion in value.
For more information, please contact:
CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com
CFO Trond Rosnes
Telephone: +47 404 14 494
Email: Trond.rosnes@moreld.com
About Moreld
Moreld is an industrial multi-disciplinary engineering group offering
full-scope services across the offshore energy and marine industries including
subsea installations. The group comprises Moreld Apply, Ocean Installer and
Global Maritime. Moreld is a major player on the Norwegian continental shelf
with an international footprint. The Group is located in 19 countries, giving
access to all major offshore markets, and has over 2,800 employees and
contractors. For more information, please visit https://moreld.com/.
About Ocean Installer
Ocean Installer is a leading marine construction company that specializes in
offshore installation services with more than 15 years of experience
delivering large and complex subsea projects worldwide. The company was
founded in 2011 and joined the Moreld group in 2024. Ocean Installer is
headquartered in Stavanger, with regional offices in key locations including
Oslo, Aberdeen, Rio de Janeiro and Dubai. For more information, please visit
www.oceaninstaller.com.
This information is information that Moreld is obliged to make public pursuant
to the EU Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact persons set out above, at
2026-07-07 08:00 CEST.