Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. AF Gruppen ASA
  6. News
  7. Summary
    AFG   NO0003078107

AF GRUPPEN ASA

(AFG)
  Report
Real-time Oslo Bors  -  10:27:10 2023-02-03 am EST
149.00 NOK   -0.40%
02/03Invitation to presentation of the Q4 2022 results
AQ
01/04Extends high school in Oslo
AQ
2022A technical turn-around configuration
MS
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

AF Gruppen : TotalEnergies EP Nederland and AF Offshore Decom sign major contract for the removal and recycling of installations in the North Sea

10/13/2022 | 04:22am EST

We refer to public announcement September 21st 2022.

TotalEnergies and AF Offshore Decom have signed a contract for the engineering, preparation, removal, transportation, dismantling and recycling (EPRD) of 10 production platforms from the L7 field in the Dutch sector of the North Sea. The total weight of these installations is around 17.000 metric tons, and the objective is to recycle up to 98% of all materials. The scope also includes installation work and preparations for redevelopment of infrastructure for the future use for carbon capture and storage (CCS).

The structures will be prepared for removal and lifted by selected, fit for purpose vessels from local supply chain and transported to the purpose-built recycling facility for oil and gas infrastructure, the AF Environmental Base Vats in Norway. This execution strategy is fulfilling our joint ambition to deliver a sustainable project that is cost and energy efficient, safe, and predictable. We are part of the circular economy and committed to accelerate the transition to a more sustainable future.

Aurelie Abiad, Managing Director of TotalEnergies EP Nederland:

"With over 40 years of production, the L7 field has been of great importance to our company. It was a major step to cease production five years ago. Now that the scope for repurposing has been defined, it is time to finally dismantle most of the facilities. AF Decom Offshore will do this with the lowest possible carbon footprint and highest possible recycling rate, which is in line with our ambition as a responsible operator. With an integrated approach and tailored subcontracting of marine spread, AF Offshore Decom provides the strong solution for decommissioning that we were looking for on our L7 project."

Lars Myhre Hjelmeset, EVP Offshore in AF Gruppen:

"We are incredibly pleased to have been awarded this exciting contract by TotalEnergies EP Nederland. In cooperation with both the client and our supply chain partners we look forward to starting this important work. In this project we will engineer, prepare, remove, and recycle, but also install and repurpose infrastructure for further use. That is a perfect fit to AF Gruppen's vision: 'Clearing up the past, building for the future'.This award demonstrates that our strong focus on safe operations and capability to deliver a high degree of sustainability is being recognized in the market".

About the L7 field
The L7 field was one of the first major offshore gas fields on the Dutch continental shelf. Initial discovery occurred in the late 60's and development of various reservoirs took place throughout the 70's and 80's. From 15 production wells the field produced over 21 billion m3 of natural gas (~140 Mboe) with a recovery factor of >80%). After 40 years of operation the facilities ceased production in 2017. With a 54 bed living quarters, the Central Complex had been key in the company's operations and a second home to many for decades. Following de-energizing and cleaning the facilities were left in a hibernated status waiting for either removal or redevelopment.

--

About TotalEnergies in The Netherlands
TotalEnergies EP Nederland is a major gas producer in The Netherlands with an annual production of approximately 1,5 billion cubic meters and has a workforce of around 180 people. The company has been involved in the on- and offshore natural gas exploration and production in The Netherlands since 1964. We currently produce gas from 14 offshore platforms (1 manned - 3 partially manned) and 3 subsea production installations. Most of the platforms are unmanned and remotely operated; five have gas treatment facilities. The offshore production centers are located between 80- and 150-kilometers northwest of Den Helder and are managed from our logistics base in the Den Helder. Helicopters, a walk-to-work and supply vessels are used to transport crews and goods between platforms and shore.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables, and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable, and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

About AF Offshore Decom
AF Offshore Decom is a part of AF Gruppen and is a specialized contractor offering bespoke decommissioning solutions for the global offshore energy market. In the past two decades AF Offshore Decom has as main contractor and consortium partner safely prepared, removed, dismantled, and recycled 45 offshore installations from the North Sea with a combined weight of more than 350.000 tons. The company has its own purpose-built yard for onshore dismantling where the installations are more than 95 % recycled.
For more information: afgruppen.com/decommissioning.

Disclaimer

AF Gruppen ASA published this content on 13 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2022 08:21:00 UTC.


ę Publicnow 2022
All news about AF GRUPPEN ASA
02/03Invitation to presentation of the Q4 2022 results
AQ
01/04Extends high school in Oslo
AQ
2022AF Gruppen Wins SEK160 Million Deal to Install Wind Turbines in Sweden
MT
2022Wind power assignment in central Sweden
AQ
2022Construction and installation work for better regulation of the power grid in Sweden
AQ
2022AF Gruppen Unit Wins NOK139 Million Contract to Build Commercial Building in Norway
MT
2022Commercial property development in Drammen
AQ
2022AF Gruppen Unit Signs $14 Million Contract to Build 41 Apartments in Norway
MT
2022To build apartments in Stavern
AQ
2022Betonmast, A Subsidiary of AF Gruppen, Has Signs Contract with Agnes Utvikling and Larv..
CI
More news
Financials
Sales 2022 31 320 M 3 082 M 3 082 M
Net income 2022 944 M 92,9 M 92,9 M
Net cash 2022 370 M 36,4 M 36,4 M
P/E ratio 2022 17,0x
Yield 2022 7,05%
Capitalization 16 048 M 1 579 M 1 579 M
EV / Sales 2022 0,50x
EV / Sales 2023 0,49x
Nbr of Employees 6 025
Free-Float 38,5%
Chart AF GRUPPEN ASA
Duration : Period :
AF Gruppen ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AF GRUPPEN ASA
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Last Close Price 149,00 NOK
Average target price 142,50 NOK
Spread / Average Target -4,36%
EPS Revisions
Managers and Directors
Amund Toftum Group Chief Executive Officer
Anny ěen Chief Financial Officer
Pňl Egil R°nn Chairman
Arne Che Sveen Director
Hege B°mark Director
Sector and Competitors
1st jan.Capi. (M$)
AF GRUPPEN ASA3.62%1 579
VINCI12.92%61 847
LARSEN & TOUBRO LIMITED3.86%37 013
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED-0.37%33 548
QUANTA SERVICES6.97%21 782
FERROVIAL, S.A.11.36%21 723