Aker BP and alliance partnerAker Solutions are awardingRosenberg Worley a letter of intent for the construction of two modules for the new central platform on the Valhall field in theNorth Sea . This contract represents the largest new-build project in many years, and it will lead to 1,000 jobs at Rosenberg in Stavanger. "With this award,Aker BP andAker Solutions are ensuring additional ongoing activity inNorway , in a project that falls under the temporary tax changes. The choice of a Norwegian yard is entirely deliberate. It demonstrates that we're responding to the politicians' expectations to preserve activity, guarantee jobs and develop expertise in Norwegian industry during the period before renewables projects ramp up in scope," saysAker BP CEO Karl Johnny Hersvik. Will provide more than 1,000 jobsAker BP and its licence partners are carrying out a coordinated development of several licences in the Valhall area. The project is called Valhall PWP-Fenris (previously NCP/King Lear ) and it is being delivered by theFixed Facilities Alliance betweenAker BP ,Aker Solutions and ABB. Valhall PWP consists of three large modules totalling more than 15,000 tonnes. The process module will be built byAker Solutions onStord .Rosenberg Worley will deliver the wellbay module and the utility module. The platform will be assembled onStord . "This award is a good example of cooperation between competing companies such asAker Solutions andRosenberg Worley to utilise a larger share of the supplier base - in the best interests of the industry inNorway . It is entirely necessary to keep and develop expertise in the industry," saysAker Solutions CEO Kjetel Digre. The letter of intent presumes approval of plan for development and operation (PDO) by the Storting, and it has a value for Rosenberg of aroundNOK 1.6 billion . If approved, the Valhall modules will bring jobs for more than 1,000 people at Rosenberg in Stavanger. Construction is scheduled to start in autumn 2023. "The construction of the Valhall modules will be important in maintaining the high activity, and will help preserve expertise and capacity at Rosenberg in the extension of ongoing projects and towards new market areas. We expect that around 40 apprentices will be able to complete their vocational training as a result of the project. These are young people who'll be essential in developing renewable projects at our company in the future," saysRosenberg Worley Managing DirectorJan Narvestad . Major investmentsAker BP and the licence partners Pandion Energy og PGNiG Upstream Norway are planning to invest betweenNOK 40 and 50 billion in Valhall PWP-Fenris. The partners are on track to submit the PDO towards the end of the year. The PDO will be deliberated in the Storting before the summer of 2023. "Through Valhall PWP-Fenris, we're planning to establish Valhall as a gas hub in the southernNorth Sea , which will provide sorely needed gas deliveries toEurope . At the same time, we'll be maximising the value of a giant with very low emissions on the Norwegian shelf. This project is an important contribution toward the ambition to produce a total of two billion barrels and extend the lifetime of the Valhall area to 2060. The value creation from this area has vast ripple effects and provides substantial tax revenue for the broader society," Karl Johnny Hersvik says. In total, the development of Valhall PWP-Fenris is expected to create 65,000 full-time equivalents inNorway during the project and operations phase. The Norwegian share of the project is more than 65 per cent. The letter of intent will be marked at Rosenberg Worley at 12 on Friday. Press is welcome to join. Contacts:Kjetil Bakken , VP Investor Relations, tel.: +47 918 89 889Ole-Johan Faret , Press Spokesperson, tel.: +47 402 24 217 AboutAker BP :Aker BP is an independent E&P company with exploration, development and production activities on the Norwegian Continental Shelf.Aker BP is the operator of Alvheim,Edvard Grieg ,Ivar Aasen , Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field.Aker BP is headquartered at Fornebu,Norway , and is listed on theOslo Stock Exchange under the ticker 'AKRBP'. More aboutAker BP at www.akerbp.com.
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