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Equinor to Postpone Start-Up of Some Projects on Pandemic Costs, Weak Krone

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10/07/2020 | 04:59am EDT

By Dominic Chopping

Norwegian oil-and-gas major Equinor ASA said Wednesday that it will postpone the start-up of three projects as the Covid-19 pandemic and a weakened Norwegian krone have driven up costs.

Quarantine rules, limited mobility for personnel, reduced manpower and social distancing requirements have resulted in lower activity on most construction sites, causing delays, cost increases and consequences for further work, it said.

In addition, a weakened Norwegian currency in the past year has driven cost increases for several of its projects under development as several large-scale contracts, including those with Norwegian suppliers, are priced fully or partly in foreign currency, it added.

The Martin Linge, Johan Castberg and Njord projects have experienced the largest cost increases since the plans for development and operation were submitted and will now see postponed start-ups.

Start-up at the Martin Linge North Sea project will be delayed until the summer of 2021, Johan Castberg in the Barents Sea until the fourth quarter of 2023 and the Njord Future project in the Norwegian Sea until 2021.

Start-up had been planned for Martin Linge at the end of 2020, Johan Castberg in 2022 and Njord in 2020.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

10-07-20 0458ET


Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA -1.09% 132.1 Delayed Quote.-23.90%
EURO / NORWEGIAN KRONER (EUR/NOK) -0.35% 10.9463 Delayed Quote.11.41%
LONDON BRENT OIL 1.65% 43.24 Delayed Quote.-34.86%
WTI 2.08% 41.84 Delayed Quote.-33.36%
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