Westwood Energy Newsletter – Edition 1

Curated offshore energy news from our DailyLogix desk.

Ten offshore energy stories every fortnight tracking the latest moves across the supply chain – from rigs and production to subsea, marine and renewables.

1. TechnipFMC Awarded Integrated EPCI Contract for Var Energi’s Gjoa Subsea Project in the Norwegian North Sea

TechnipFMC has announced it has been awarded an integrated engineering, procurement, construction, and installation (iEPCI®) contract by Vår Energi for the Ofelia and Gjøa Nord projects in the Gjøa area of the North Sea. TechnipFMC further indicated that the direct award follows a five-year collaboration agreement signed in 2025 to deliver subsea projects utilising TechnipFMC’s integrated model and accelerate development through coordinated portfolio execution. The contract is estimated to be between US$500 million and US$1 billion and will be recorded in TechnipFMC’s 2Q 2026 inbound award.

2. EoI Details Emerge for the Supply of a Third Eni FLNG Unit Destined for the Rovuma Basin

Industry sources have provided further details on the expression of interest (EoI) launched by Eni relating to the supply of a third floating liquefied natural gas (FLNG) unit to be installed in the Rovuma Basin offshore Mozambique. Reports stated that submissions for the EoI are due by 3 July 2026. Sources further indicated that bidders must demonstrate experience in FLNG projects or comparable offshore developments completed over the past ten years. Companies are also reportedly expected to present gas liquefaction technology solutions and identify suppliers for mooring and storage systems. Meanwhile, the scope of work includes the full delivery of the FLNG unit, including engineering, procurement, construction, transport, mooring, commissioning, operational startup, and performance testing, for a unit with a liquefaction capacity of 6 mmtpa.

3. Aker Solutions Awarded Life Cycle Contract for Cenovus’ White Rose Field Offshore Canada

Aker Solutions has announced that it has secured a sizeable life cycle contract for the Cenovus Energy operated White Rose field offshore Canada. The scope encompasses comprehensive engineering, maintenance, and operations support for both the new West White Rose platform and the SeaRose floating production storage and offloading (FPSO) vessel. The award is expected to be booked as order intake in 2Q 2026 within Aker Solutions’ Life Cycle segment, with the contract defined as sizeable, valued between NOK 0.5 billion and NOK 1.5 billion (approximately US$50 million and US$150 million).

4. Modec Retires Cidade de Niteroi FPSO Following 17 Years at Petrobras’ Marlim Leste Field Offshore Brazil

Industry sources have reported that the Cidade de Niteroi floating production, storage and offloading (FPSO) unit has arrived at a ship recycling facility in Denmark, following its departure from the Petrobras-operated Marlim Leste field offshore Brazil. The FPSO, for which MODEC previously secured the turnkey engineering, procurement, construction and installation (EPCI) contract, achieved first oil in February 2009 and subsequently remained onstream for approximately 17 years under a combined charter and operations and maintenance (O&M) contract. The vessel will now undergo recycling in compliance with the European Union Ship Recycling Regulation and the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (2009), marking the final phase of its lifecycle.

5. Saipem Awarded T&I Contract for Azule Energy’s Greater PAJ Development Offshore Angola

Saipem has announced that the Azule Energy-operated Greater PAJ project offshore Angola has been awarded a transport and installation (T&I) contract, with a duration of approximately 40 months and a value of approximately US$1 billion. Under the scope of work, Saipem will undertake the engineering, fabrication, transportation and installation of approximately 180 km of rigid pipelines and subsea facilities at water depths of up to 2,000 metres, in addition to transporting and installing 38km of flexible flowlines and jumpers along with 54km of umbilicals. Fabrication activities are scheduled to be executed at the company’s Ambriz yard in Angola, while offshore installation activities are expected to be carried out using Saipem’s construction vessels FDS and Castorone.

6. Dvalin North Starts Production Ahead of Schedule and Under Budget

Harbour Energy has announced the safe start-up of gas production from its operated Dvalin North project in Block 6507/4 under production licence (PL)211 of the Norwegian Sea. The company states that the project was delivered ahead of schedule and under budget. Dvalin North is a three-well subsea tie-back to existing infrastructure via Harbour’s operated Dvalin field, with production now under way from all three wells. Drilling operations were carried out by UDW semisub Transocean Norge (10,000’), which arrived on location around mid-December 2025. The rig demobilised from the field on 21 June and subsequently moved inshore for a brief period to prepare for its next commitment with Equinor.

7. Rhino Confirms Oil Discovery with Latest Namibian Well

Rhino Resources’ Capricornus-1A appraisal well has delivered 46m (151ft) of gross pay in Namibia’s Orange Basin. Drilled with UDW drillship Saipem 12000 (12,000′), the well confirmed pressure communication with the earlier Capricornus-1X discovery and was drilled in 1,285m (4,216ft) of water and reached a total depth of 4,818m (15,808ft), providing further evidence of reservoir continuity across the Capricornus accumulation. The results mark another positive step in the appraisal of PEL 85, where Capricornus is one of three discoveries. Rhino said data gathered from the well will support ongoing evaluation of the field, while partner NAMCOR said the outcome further highlights Namibia’s growing potential as a major hydrocarbons province. As reported by RigLogix, the rig has since moved off location and will now prepare for its next commitment with Eni offshore Mozambique.

8. Talos to Acquire Certain Deepwater Assets from Shell

Talos Energy has executed a definitive agreement to jointly acquire certain deepwater US Gulf assets from Shell, alongside an affiliate of Ridgewood Energy, for cash consideration of $850 million (net to Talos), subject to customary purchase price adjustments. Shell indicated the total consideration from the two companies is $1.7 billion. Talos expects its final net cash consideration to be approximately $450-500 million, based upon estimated interim cash flow from the acquired assets from the 1 July 2025 acquisition effective date. Talos notes its strategic rationale for the transaction is that it enhances scale with significant financial accretion, increases reserves and production with future development upside, and maintains balance sheet strength and financial flexibility. The acquired assets include a 50% working interest and operatorship in the Coulomb field, and a 25% non-operated working interest in the BP-operated Na Kika platform and four associated fields, Kepler, Ariel, Fourier, and Herschel. Talos provided a deposit of $42.5 million in escrow that is to be credited upon close. The working interest in the Na Kika platform and associated fields is subject to a 30-day preferential right by affiliates of BP. Other commercial terms of the agreement include a 50% upside sharing agreement effective at closing through year-end 2027, subject to commodity-price-based thresholds if the realised price exceeds $60 per barrel, as well as certain other contingencies and agreements. The acquisition is expected to close by the end of 2026, subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the expiration of applicable preferential purchase rights with respect to applicable Na Kika interests.

9. Equinor and Transocean Ink $1 Billion LOI for Three Cat D Semisubs

Transocean has entered into a letter of intent (LOI) with Equinor, conditional upon licence approvals, for the use of three of its harsh-environment semisubs on the Norwegian shelf. In aggregate, the deal is worth over $1 billion in contract backlog across seven rig-years, excluding additional services. The base dayrate of $399,000 excludes adjustment provisions that will be effective prior to commencement and result in an effective dayrate exceeding $400,000 at commencement. The LOI applies to three “Cat D” units that are designed for Norwegian winter conditions and were originally purpose-built for Equinor. MDW semisub Transocean Enabler (1,640′) received a three-year programme that is expected to commence in 1Q 2028, in direct continuation of the rig’s current programme. MDW semisub Transocean Encourage (1,640′) was awarded a two-year programme that is set to begin in 1Q 2028, also in direct continuation of its current programme. Meanwhile, MDW semisub Transocean Endurance (1,640′) received a two-year programme that is expected to start in 2Q 2027, following mobilisation from Australia back to Norway.

10. Eldorado Completes Acquisition of Vantage Drilling

Eldorado Drilling has completed the acquisition of Vantage Drilling. Upon closing of the transaction, an indirect subsidiary of Eldorado merged with and into Vantage, with Vantage surviving as an indirect subsidiary of Eldorado as of 26 June 2026. Eldorado Chairman Bernie Wolford commented, “Completion of this transaction marks the start of our next chapter. By uniting Eldorado’s commercial strength with Vantage’s proven operating capabilities, we are now positioned to compete for a wider set of opportunities and deliver for customers with greater scale and resilience.”

Prefer your news on LinkedIn? You can subscribe to Westwood Energy News on our LinkedIn Newsletter page here.

This newsletter features a sample of news from DailyLogix, sourced from Westwood’s SubseaLogix, PlatformLogix, RigLogix, MarineLogix and WindLogix market intelligence solutions. For comprehensive daily offshore energy news delivered straight to your inbox, subscribe to one of our solutions today.

All Editions