Equinor has entered into a letter of intent with Transocean covering the use of three Cat D semisubmersible rigs on the Norwegian continental shelf. The approximately USD 1 billion arrangement covers Transocean Enabler for three years and Transocean Encourage and Transocean Endurance for two years each. Mobilisation is included, while integrated drilling services are optional and excluded from the stated day rate of below USD 400,000. Specific drilling programs and fields have not yet been allocated.
Equinor ASA completed a share capital reduction on 2 July 2026 after the creditor notice period expired and the action was registered with the Norwegian Register of Business Enterprises. The company cancelled and redeemed 166,058,472 shares, reducing registered share capital from approximately NOK 6.39 billion to NOK 5.98 billion.
Equinor has exercised two options extending its agreement with CHC Helikopter Service through 2030. The NOK 1.7 billion arrangement covers personnel transport and search-and-rescue capacity in Central Norway, including services from Kristiansund and Brønnøysund and a dedicated SAR helicopter at the Heidrun installation.
Equinor has agreed to acquire bp’s interest in the Bay du Nord offshore development, which would increase Equinor’s ownership to 100%. The Canadian project is in FEED and uses an FPSO and subsea tieback development concept. Equinor is targeting FID in early 2027, subject to market, regulatory and internal approvals, and intends to consider bringing new partners into the project.
Equinor, acting on behalf of its partners, has awarded contracts totaling approximately NOK 6 billion for the TWIN, Omega Sør, Tyrihans Nord and Brime subsea developments. TechnipFMC, OneSubsea, Ocean Installer, NOV and Tenaris received scopes covering subsea production systems, umbilicals, pipelines and marine operations. Only TWIN has so far been sanctioned; the other projects remain subject to partnership and regulatory decision processes.
Equinor's serious incident frequency improved slightly to 0.25 per million hours worked at the end of the second quarter of 2026, while its 12-month total recordable injury frequency rose to 2.8. Five oil and gas leaks were registered over the preceding 12 months, down from nine reported at the end of the first quarter. The company recorded no serious well-control incidents or incidents with major accident potential during the quarter.
Equinor reported USD 11.48 billion of adjusted operating income for the second quarter of 2026 and 3% year-on-year equity production growth. Offshore portfolio milestones included contract awards for an initial wave of Norwegian continental shelf tie-backs, final investment decision for Greater PAJ offshore Angola, and production start-up at Eirin and Symra. Dogger Bank B also contributed to an 11% increase in renewable generation.
Equinor, Petoro, Shell, TotalEnergies and ConocoPhillips are investing more than NOK 4 billion in the TWIN subsea development at Norway's Troll field. The third step of Troll phase 3 will comprise two wells in a subsea template, a pipeline and extensions to the existing umbilical and MEG line. Production is targeted as early as 2028, with the project expected to recover approximately 11 billion standard cubic metres of gas.
Petrobras has completed its acquisition of an interest in Bloco 3 and assumed operatorship of the offshore exploration block in São Tomé e Príncipe. Petrobras now holds 75%, alongside Oranto with 15% and the Agência Nacional do Petróleo de São Tomé e Príncipe with 10%.
ExxonMobil Guyana Limited has awarded SBM Offshore FEED contracts for an FPSO serving the Longtail development in Guyana. The award releases initial funding for FEED and allocation of SBM Offshore’s ninth new-build Multi-Purpose Floater hull. Subject to government, investment and project approvals, SBM Offshore would construct and install the unit, transfer it to the client before operations and subsequently operate it under an integrated operations and maintenance model.
