We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Equinor (EQNR) Awards NOK 1.5B Contract to LNS for Snohvit Future
Read MoreHide Full Article
Equinor ASA (EQNR - Free Report) , on behalf of the Snøhvit partners, awarded a construction and installation contract worth NOK 1.5 billion to Leonhard Nilsen & Sønner (“LNS”).
Headquartered in Andøy in Nordland County, LNS will play a crucial role in the construction of a tunnel and landfall for the power cable connecting Hyggevatn to Melkøya. Multiconsult has been granted the engineering contract for LNS' work, while Nexans will supply the power cable from Rognan and Halden. While Aibel secured the most substantial contract, covering all modification work on Melkøya, Consto in Northern Norway has been chosen as the construction and installation work supplier.
The contract aims to facilitate the Snøhvit Future project, which includes onshore compression and electrification of Hammerfest LNG on Melkøya. This move is expected to enable the reduction of emission from the plant by an impressive 850,000 tons of CO2 annually, contributing significantly to environmental sustainability.
Trond Bokn, Equinor's senior vice president for project development, expressed satisfaction in granting the contract to a Northern Norwegian company. According to LNS, approximately 70% of the generated value is projected to benefit Northern Norway, leading to the creation of approximately 200 person-years (FTEs) of employment. Bokn emphasized Equinor's focus on ensuring that the Snøhvit Future project generates a positive impact across the region.
Hammerfest LNG, a key player in the region, currently employs approximately 350 permanent staff and around 150 contractors and apprentices. The Snøhvit Future project is expected to generate approximately 1700 FTEs of employment during the construction phase, with a focus on extending the operational life of Hammerfest LNG beyond 2030.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from the recently completed midstream projects.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Equinor (EQNR) Awards NOK 1.5B Contract to LNS for Snohvit Future
Equinor ASA (EQNR - Free Report) , on behalf of the Snøhvit partners, awarded a construction and installation contract worth NOK 1.5 billion to Leonhard Nilsen & Sønner (“LNS”).
Headquartered in Andøy in Nordland County, LNS will play a crucial role in the construction of a tunnel and landfall for the power cable connecting Hyggevatn to Melkøya. Multiconsult has been granted the engineering contract for LNS' work, while Nexans will supply the power cable from Rognan and Halden. While Aibel secured the most substantial contract, covering all modification work on Melkøya, Consto in Northern Norway has been chosen as the construction and installation work supplier.
The contract aims to facilitate the Snøhvit Future project, which includes onshore compression and electrification of Hammerfest LNG on Melkøya. This move is expected to enable the reduction of emission from the plant by an impressive 850,000 tons of CO2 annually, contributing significantly to environmental sustainability.
Trond Bokn, Equinor's senior vice president for project development, expressed satisfaction in granting the contract to a Northern Norwegian company. According to LNS, approximately 70% of the generated value is projected to benefit Northern Norway, leading to the creation of approximately 200 person-years (FTEs) of employment. Bokn emphasized Equinor's focus on ensuring that the Snøhvit Future project generates a positive impact across the region.
Hammerfest LNG, a key player in the region, currently employs approximately 350 permanent staff and around 150 contractors and apprentices. The Snøhvit Future project is expected to generate approximately 1700 FTEs of employment during the construction phase, with a focus on extending the operational life of Hammerfest LNG beyond 2030.
Zacks Rank & Key Picks
Equinor currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Oceaneering International, Inc. (OII - Free Report) and Enbridge Inc. (ENB - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from the recently completed midstream projects.