Worley To Create 1,000 Jobs With Valhall Construction Win


© Supplied by Aker Solutionsworley valhall

Worley (ASX: WOR) is to create 1,000 jobs after winning the letter of intent to construct two new modules for the Valhall field in the North Sea.

Operator Aker BP and services firm Aker Solutions have handed the award to Australia-listed Worley, which will lead to a jobs boom at its Rosenberg yard in Stavanger.

The value of the deal to Worley Rosenberg is around £140m, Aker Solutions said.

Aker BP and its partners are investing between £3.49bn and £4.37bn in the Valhall PWP-Fenris project in the North Sea, previously known as NCP/ King Lear.

The aim is to build the Valhall area into a major gas hub to deliver supplies to Europe.

Valhall PWP consists of three large large modules totalling more than 15,000 tonnes.

Under the deal, Worley will deliver the wellbay module and utility module, and the process module will be built by Aker Solutions on Stord, where the whole platform will be assembled.

The letter of intent presumes approval of a plan for development and operation by Norway’s parliament, with construction scheduled to begin in Autumn 2023.

Aker BP CEO Karl Johnny Hersvik said: “With this award, Aker Solutions and Aker BP are ensuring additional ongoing activity in Norway, in a project that falls under the temporary tax changes.

“The choice of a Norwegian yard is entirely deliberate. It demonstrates that we’re responding to the politicians’ expectations to preserve activity, guarantee jobs and develop expertise in Norwegian industry during the period before renewables projects ramp up in scope.”

In total, the development of Valhall PWP–Fenris is expected to create 65,000 full-time equivalent jobs in Norway during the project and operations phase. The Norwegian share of the project is more than 65 per cent.

Mr Hersvik added: “Through Valhall PWP–Fenris, we’re planning to establish Valhall as a gas hub in the southern North Sea, which will provide sorely needed gas deliveries to Europe. At the same time, we’ll be maximising the value of a giant with very low emissions on the Norwegian shelf.

“This project is an important contribution toward the ambition to produce a total of two billion barrels and extend the lifetime of the Valhall area to 2060. The value creation from this area has vast ripple effects and provides substantial tax revenue for the broader society.”

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