PSW Technology has signed a frame agreement with a Norwegian oil and gas operator for Capping Stack & Support Services. The contract consists of a fixed period of 3 years with a 2+2-year option. The value of the frame agreement is defined as a sizable contract (1) if both options are exercised.

The company will be responsible for the provision of capping stack and related well control equipment and emergency response services. The contract will start from fourth quarter 2023.

“We are very pleased to be given trust which will further strengthen the contribution to the safety within the oil and energy industry both national and international. With PSW Technology’s strategic storage facility close to one of Europe’s largest offshore supply bases, PSW Technology will have the Capping Stack’s at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days,” says Richard Cornell, Managing Director in PSW Technology.

(1) A sizeable contract is defined to be between NOK 20 million and NOK 50 million.

(2) A substantial contract is between NOK 50 million and NOK 150 million.

(3) A large contract is over NOK 150 million.

For more information, please contact:

Pål Selvik, Chief Executive Officer, Scana ASA, +47 970 46 502

Richard Cornell, Managing Director, PSW Technology AS, +47 952 31 652