AF Gruppen Wins Major North Sea Platform Decommissioning Contract

AF Gruppen ASA ( (AGRUF) ) has shared an announcement.

AF Gruppen’s offshore decommissioning unit, AF Offshore Decom, in consortium with Heerema Marine Contractors, has secured a contract to handle the engineering, preparation, removal and disposal of a large steel platform on the UK Continental Shelf in the North Sea. The project covers topsides of about 27,500 tonnes and a 12,000-tonne supporting structure, with an option for additional conductors, reinforcing the group’s role as a key player in complex North Sea decommissioning work.

Surveys on the offshore installation will begin immediately, followed by three years of detailed engineering and preparatory offshore activities before a multiyear removal campaign using Heerema vessels. The platform will then be transported to AF Environmental Base Vats in Norway for dismantling, recycling and disposal over the next five years, underscoring AF Gruppen’s environmental and operational capabilities and extending its long-term workload in the offshore decommissioning market.

The most recent analyst rating on (AGRUF) stock is a Hold with a NOK196.00 price target. To see the full list of analyst forecasts on AF Gruppen ASA stock, see the AGRUF Stock Forecast page.

More about AF Gruppen ASA

AF Gruppen ASA is a Norwegian engineering and construction group with operations in offshore decommissioning through its subsidiary AF Offshore Decom. The company provides engineering, preparation, removal and disposal services for large offshore oil and gas installations, with a particular focus on complex North Sea projects and environmentally responsible dismantling and recycling at its AF Environmental Base Vats facility.

Average Trading Volume: 73,075

Current Market Cap: NOK20.57B

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