Baker Hughes wins plug and abandonment contract for Equinor North Sea oil field

June 11, 2025 06:27 AM PDT | By EODHD

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Baker Hughes wins plug and abandonment contract for Equinor North Sea oil field — Image source: Kalkine Media

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[Baker Hughes office building in Houston, Texas, USA.] JHVEPhoto/iStock Editorial via Getty Images Baker Hughes (NASDAQ:BKR [https://seekingalpha.com/symbol/BKR]) said Wednesday it was awarded [https://seekingalpha.com/pr/20132981-baker-hughes-receives-award-from-equinor-to-industrialize-offshore-plug-and-abandonment] a plugging and abandonment service contract from Equinor (EQNR [https://seekingalpha.com/symbol/EQNR]) at the Oseberg East field on Norway's continental shelf; financial details were not disclosed. Baker Hughes (NASDAQ:BKR [https://seekingalpha.com/symbol/BKR]) said its Mature Assets Solutions team will lead the integrated P&A campaign planning phase and deliver integrated P&A services in execution across several wells offshore Norway. The award marks the first project as part of a multi-year framework agreement signed in March 2025 for integrated well services; to manage this and subsequent projects under the framework, Baker Hughes (BKR [https://seekingalpha.com/symbol/BKR]) is establishing a P&A hub in the Norwegian cities of Bergen and Stavanger. According to the Norwegian Petroleum Directorate, hydrocarbon production at Oseberg East has been in decline since reaching a peak in 2001, although oil recovery has been assisted by water and gas injection into the reservoir. MORE ON BAKER HUGHES * Baker Hughes's Solid Backlog Creates An Opportunity (Rating Upgrade) [https://seekingalpha.com/article/4794040-baker-hughess-solid-backlog-creates-an-opportunity-rating-upgrade] * Baker Hughes Remains Resilient As It Navigates An Uncertain Market [https://seekingalpha.com/article/4777090-baker-hughes-remains-resilient-as-it-navigates-an-uncertain-market] * Baker Hughes: Turmoil Ahead [https://seekingalpha.com/article/4776355-baker-hughes-turmoil-ahead]

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