The company has announced the signing of a frame agreement with Equinor ASA to provide DualLink™ powered and wired drill pipe for their operations, ahead of installing and operating the system at their Oseberg field.
The current value of the order is more than £5 million. Approximately £2.5 million of milestone payments will be received and accounted for as deferred revenue in the current financial year.
The latest analysis from McKinsey & Company reveals that oil and gas industry costs could increase between 6 – 10% in 2023 due to labour uncertainties and raw-materials inflation.