First cut of steel Balder Future project

With a «first cut of steel ceremony» January 9th, Agility Subsea Fabrication (ASF) officially kicked-off the prestigious contract on the Balder field which has been awarded to ASF by Baker Hughes. The end client and operator is Vår Energy, and the contract comprises of a multitude of structures that will be fabricated at ASF’s facilities in Skien and Tønsberg as well as at multiple subcontractors’ facilities in Europe. We are excited and are looking forward to the journey with our partners and customers and to develop this major project successfully on time according to the highest quality standards. The Balder Future project involves redevelopment of the Balder and Ringhorne fields located offshore Norway. The NOK15bn ($1.73bn) project aims to recover 170 million barrels of additional oil discovery and extend the production life of the two fields up to 2045. The Balder and Ringhorne fields are currently owned and operated by Vår Energi, a joint venture between Eni (69.6%), a company based in Italy, and HitecVision (30.4%), an equity investor based in Norway.