Equinor ASA (NYSE:EQNR) has entered into twelve new framework agreements for modifications and maintenance on its onshore plans and offshore installations, the company announced on January 8. Management stated that these agreements are set to begin in the first half of 2026 and will last for five years, with options to extend for two or three additional years.
The total annual value of the agreements is approximately NOK 10 billion. Company officials noted that the deals are expected to generate ripple effects for the Norwegian supplier industry nationwide.
Kjetil Hove, executive vice president for the Norwegian continental shelf at Equinor, commented on the agreements. He said the Norwegian continental shelf will continue to be the company's backbone for the foreseeable future. Hove added that the agreements facilitate long-term collaboration and continuous improvement on core tasks at Equinor's offshore installations and onshore facilities in Norway.
On January 9, Bank of America Securities reiterated its Buy rating on Equinor ASA, maintaining a price target of NOK 260.00. Also on January 9, UBS reaffirmed its Sell rating on the stock, with a price target of NOK 205.00.
Equinor ASA explores, transports, produces, refines, and markets petroleum and petroleum-derived products. The company's operations are divided into segments including Exploration and Production Norway, Exploration and Production International, Exploration and Production USA, Marketing, Midstream, and Processing, Renewables, and Other.