Ocean Installer AS, a wholly owned subsidiary of Moreld ASA, has been awarded a Significant* contract in Brazil by Equinor for the Bacalhau Project’s Well Tie In scope.
- This award marks a major milestone in the company’s international growth strategy and its entry into the world’s largest subsea market.
- The Bacalhau field is in the Santos Basin in ultra-deep waters of 2,100 meters.
- The award covers a 4.5-year duration, with options for extension and rigid jumper fabrication
- Ocean Installer has recently established a Brazilian entity and onboarded its first local employees.
The awarded scope covers installation of rigid well jumpers between flowlines and subsea trees, flying leads installation and associated pre-commissioning. The scope covers numerous wells over a 4.5-year period, with the first offshore campaign planned in 2027.
Located in the Santos Basin, the Bacalhau field is developed in ultra-deep water of 2,100 meters and is characterised by high reservoir pressure, making offshore operations technically demanding. As new wells are completed, they will be sequentially connected and brought on stream, requiring Ocean Installer to remain adaptable during execution.
Bacalhau is Equinor’s largest international offshore field and the first asset in the Brazilian pre-salt area to be entirely developed by an international operator.
'This award represents a step-change for Moreld,' said Geir Austigard, Moreld CEO. 'This is Ocean Installer’s first award in Brazil. The scope involves production-critical work on a major international asset operated by Equinor, reflecting Ocean Installer’s ability to deliver safely, reliably and consistently over time'.
In parallel with the contract award, Ocean Installer has recently established a Brazilian entity and onboarded its first local employees, laying the foundation for a permanent and scalable local presence in the world’s largest global market for subsea projects.
'The long project duration provides a stable foundation to build our local organisation in Brazil. Brazil is an attractive market with a significant pipeline of subsea projects to be executed, and we see strong alignment between upcoming opportunities and Ocean Installer’s core competencies' said Kevin Murphy, Ocean Installer CEO.
Ocean Installer considers the Bacalhau contract a strategic entry into Brazil and a key building block for long-term growth in the region.
*Moreld defines a 'Significant' contract, as between NOK 500 million to 1 billion in expected value. The firm contract value is estimated at the upper end of this interval.
Source: Ocean Installer
