Equinor has signed framework agreements worth 100 billion Norwegian crowns over five years with a consortium of more than 20 suppliers for maintenance, modifications and upgrades to its offshore and onshore installations. The contracts, equivalent to approximately $9.93 billion, cover services ranging from subsea inspections and platform turnarounds to land-based processing plant overhauls. The awards are divided into ten lots, each spanning a specific geographical region or technical scope, and will be mobilized progressively from Q2 2026 through the end of 2030. Procurement officials expect the agreements to secure capacity and stabilize cost inflation, while supporting Equinor’s transition plan that targets a 40% reduction in greenhouse gas emissions from its Norwegian continental shelf operations by 2030.

Equinor’s chief executive officer told Reuters that the company has no current plans to re-enter the Venezuelan market, having withdrawn in 2014 amid nationalization of foreign assets and ongoing regulatory uncertainties. The CEO cited continuing legal and fiscal risks, as well as U.S. sanctions that restrict investment in the country’s oil and gas sector. He emphasized that Equinor will instead focus capital expenditures on core assets in the Norwegian continental shelf and growth projects in Brazil and the U.K. North Sea, where the company projects average annual production growth of 3–5% through 2030.