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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Delayed Quote. Delayed Oslo Bors - 07/19 10:25:03 am
162.1 NOK   +0.50%
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Equinor : Bike and Snake - Meet the robots that will keep Norway's gas flowing

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06/25/2019 | 09:44am EDT
A robot called Snake Arm is seen at the GE OC Robotics unit in Bristol

OSLO (Reuters) - A magnetic robot resembling a mini quad bike and a four metre snake-like machine are among the new tools that Norway, Europe's second-largest gas exporter after Russia, says will help cut maintenance time at its gas plants and keep supplies flowing.

Maintenance at Norway's three main plants, Nyhamna, Kollsnes and Kaarstoe, is conducted annually and the country's gas output, vital for British and central European customers, is reduced as a result, affecting fuel prices around the continent.

Helped by its new technology, operator Gassco estimates the impact of maintenance on combined output at Kaarstoe and Kollsnes will average 2.5 billion cubic metres (bcm) a year from 2021 to 2025, down from about 3.5 bcm in the five years before.

The new tools gather information that Gassco can use to optimise its maintenance plans, while inspection robots can replace time-consuming and costly inspections by humans and significantly cut downtime for certain plant assets.

"The pre-work and after-work you need to do to prepare the vessel to be safe and send an inspector in there take time and are costly ... Now we have reduced this time by 50-80%," said Haakon Hilmar Ferkingstad, senior engineer at Gassco.

The new equipment includes Bike, a small magnetic robot that Gassco has started using at Kaarstoe's and Nyhamna's pressure vessels, and the snake-like machine, which will inspect pipelines at Nyhamna later this year.

The robots were invented by a European Union co-funded programme called Petrobot, and adapted for Gassco's needs by General Electric.

Equinor and Shell, technical service providers at the Gassco operated plants, also contributed in developing the modified robots, with alterations including better quality cameras and 3D modelling.

The robots can also be used during unplanned outages related to issues in pipelines or pressure vessels to accelerate a plant's return to service.

Gassco said that for Kollsnes and Kaarstoe, the projected maintenance-related impact on output for 2020 was 3.5 bcm; a little less than 2 bcm for 2021 and 2022; 3.5 bcm for 2023 and 2024, and back below 2 bcm for 2025.

It did not provide similar projections for Nyhamna, but said maintenance optimisation was also ongoing there.

Norway last year piped 114.2 bcm of gas to Europe, the second highest level on record.

(Editing by Terje Solsvik and Mark Potter)

By Lefteris Karagiannopoulos

Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA 0.50% 162.1 Delayed Quote.-12.22%
GENERAL ELECTRIC COMPANY -0.20% 10.04 Delayed Quote.32.89%
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Financials (NOK)
Sales 2019 69 356 M
EBIT 2019 16 039 M
Net income 2019 5 802 M
Debt 2019 14 081 M
Yield 2019 0,64%
P/E ratio 2019 91,6x
P/E ratio 2020 77,7x
EV / Sales2019 7,99x
EV / Sales2020 7,11x
Capitalization 540 B
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 24,53  NOK
Last Close Price 162,10  NOK
Spread / Highest target -80,5%
Spread / Average Target -84,9%
Spread / Lowest Target -88,7%
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Managers
NameTitle
Eldar Sætre President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer & Executive Vice President
Lars Christian Bacher Chief Financial Officer & Executive Vice President
Anders Opedal Executive VP-Technology, Projects & Drilling
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