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Equinor (EQNR) Taps Kongsberg for NOK 25M Simulator Project
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Equinor ASA, (EQNR - Free Report) the Norwegian state-owned energy giant, awarded a two-year life cycle simulator project to Kongsberg Digital, a fellow Norwegian digital solutions provider, for a gas field located in the North Sea off the coast of Norway. The aim is to boost operational efficiency, enhance training programs and ensure the simulator-based engineering achieves the highest level of fidelity.
The agreement with Equinor, valued at over NOK 25 million (almost $2.4 million), involves the reconstruction of the Sleipner life cycle simulators using Kongsberg Digital's K-Spice and LedaFlow simulation technologies. Kongsberg Digital anticipates that this project will significantly increase the simulation capabilities of the Sleipner area in the North Sea.
Shane McArdle, CEO of Kongsberg Digital, expressed appreciation for the collaboration with Equinor on the Sleipner life cycle simulator project, emphasizing the company’s dedication to delivering comprehensive, trustworthy and reliable digital solutions to the energy sector.
The development of three simulators — Engineering Study Simulator, Engineering Test Simulator and Operator Training Simulator — utilizing K-Spice and LedaFlow simulation technologies aims to provide a comprehensive life cycle simulator engineering and training tool environment for multidisciplinary operation and engineering teams. Additionally, these simulators will replicate the processes of all wells, pipelines, and offshore production facilities for three distinct assets of the Sleipner installations — the processing, drilling, and living quarter platform (Sleipner A), the unmanned production platform (Sleipner B), and the processing and CO2 removal platform (Sleipner T). The project will involve utilizing K-Spice Power to model the power grid.
The Sleipner life cycle simulator project is slated to begin in the first quarter of 2024, with an estimated completion by the end of 2025. This two-year project is anticipated to develop a dynamic simulator model incorporating topside process simulation models using K-Spice and multiphase flow models of production wells and flowlines using the LedaFlow software.
McArdle expressed confidence that the Sleipner asset will experience significant advantages in operational efficiency, troubleshooting analysis and training opportunities through the utilization of Kongsberg’s technologies.
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.
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Equinor (EQNR) Taps Kongsberg for NOK 25M Simulator Project
Equinor ASA, (EQNR - Free Report) the Norwegian state-owned energy giant, awarded a two-year life cycle simulator project to Kongsberg Digital, a fellow Norwegian digital solutions provider, for a gas field located in the North Sea off the coast of Norway. The aim is to boost operational efficiency, enhance training programs and ensure the simulator-based engineering achieves the highest level of fidelity.
The agreement with Equinor, valued at over NOK 25 million (almost $2.4 million), involves the reconstruction of the Sleipner life cycle simulators using Kongsberg Digital's K-Spice and LedaFlow simulation technologies. Kongsberg Digital anticipates that this project will significantly increase the simulation capabilities of the Sleipner area in the North Sea.
Shane McArdle, CEO of Kongsberg Digital, expressed appreciation for the collaboration with Equinor on the Sleipner life cycle simulator project, emphasizing the company’s dedication to delivering comprehensive, trustworthy and reliable digital solutions to the energy sector.
The development of three simulators — Engineering Study Simulator, Engineering Test Simulator and Operator Training Simulator — utilizing K-Spice and LedaFlow simulation technologies aims to provide a comprehensive life cycle simulator engineering and training tool environment for multidisciplinary operation and engineering teams. Additionally, these simulators will replicate the processes of all wells, pipelines, and offshore production facilities for three distinct assets of the Sleipner installations — the processing, drilling, and living quarter platform (Sleipner A), the unmanned production platform (Sleipner B), and the processing and CO2 removal platform (Sleipner T). The project will involve utilizing K-Spice Power to model the power grid.
The Sleipner life cycle simulator project is slated to begin in the first quarter of 2024, with an estimated completion by the end of 2025. This two-year project is anticipated to develop a dynamic simulator model incorporating topside process simulation models using K-Spice and multiphase flow models of production wells and flowlines using the LedaFlow software.
McArdle expressed confidence that the Sleipner asset will experience significant advantages in operational efficiency, troubleshooting analysis and training opportunities through the utilization of Kongsberg’s technologies.
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) . While both Sunoco and Oceaneering International sport a Zacks Rank #1 (Strong Buy), Enbridge carries a Zacks Rank #2 (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.