Norwegian energy company Equinor announced that it has signed five-year framework agreements worth a combined 100 billion Norwegian crowns with a consortium of more than 50 suppliers. The contracts cover maintenance, modifications and upgrades across 12 offshore and six onshore installations in the North Sea and Norwegian Sea. Awarded services include drilling rig maintenance, subsea equipment overhauls and platform integrity projects, each with defined annual expenditure ceilings. Equinor expects these agreements to support some 4,500 direct jobs in Norway’s oil services sector and to deliver an average annual spend of 20 billion crowns between 2026 and 2030.

In discussions with Reuters, Equinor’s CEO made clear that the company has no plans to re-enter Venezuela, a market it exited in 2014. The CEO cited ongoing sanctions, legal uncertainties and challenges in securing contractual guarantees as primary reasons. He noted that total investment in Venezuela had peaked at roughly $2.1 billion over the past decade before exits, and that current global opportunities in the Norwegian continental shelf and Guyana basin offer more predictable returns. Equinor continues to focus capital allocation on its core regions, with an expected 2026 investment budget of approximately $14 billion targeted at the Johan Sverdrup and Troll fields.