Baker Hughes Secures P&A Services Contract for North Sea Wells

Baker Hughes Company BKR, a leading energy technology company, has announced that it will provide plug and abandonment (P&A) services to Equinor ASA EQNR at the Oseberg East field. The assignment is part of a multi-year framework agreement signed between the two companies in March 2025.Baker Hughes’ Mature Assets Solutions team will take over the planning phase of the P&A campaign and deliver integrated P&A services across several wells located in the North Sea for Equinor. The planning phase for the Oseberg field project has begun, and well abandonment activities are expected to start in 2026. BKR’s Expertise in Managing Mature Oil and Gas AssetsBKR will be responsible for plugging and abandoning several offshore wells for Equinor. The P&A process involves safely sealing off oil and gas wells that have not been in use for an extended period. Baker Hughes has a proven track record of working with mature oil and gas assets and executing integrated P&A programs. The company boasts an innovative portfolio of Mature Asset Solutions that helps increase the efficiency of these projects and speed up their execution.Baker Hughes noted that the Mature Assets Solutions division has the capability to execute all the stages involved in the P&A process and streamline operations to help EQNR meet its objectives. The company’s well abandonment portfolio involves cutting-edge technologies and innovative solutions like the PRIME Powered Mechanical Applications, and diagnostic technology like the CICM (Casing Integrity & Cement Mapping), among others. By leveraging its cutting-edge tools and technologies, Baker Hughes intends to set a new industry standard for well abandonment solutions while offering economic and cost-effective solutions to Equinor.BKR to Establish P&A Center of Excellence in NorwayTo carry out project management activities, BKR will set up a P&A Center of Excellence in Bergen and Stavanger, where the company will collectively work with project managers and experts to implement well abandonment solutions. The team of experts will work to centralize the plug and abandonment activities in the North Sea. Furthermore, it will ensure the implementation of reliable and cost-efficient well abandonment solutions that can help enhance operational efficiencies.Zacks Rank & Key PicksCurrently, both BKR and EQNR carry a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK and RPC, Inc. RES. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Flotek Industries specializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to its shareholders through consistent dividend payments and share buybacks, making it an attractive choice for investors seeking steady returns.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RPC, Inc. (RES): Free Stock Analysis Report Baker Hughes Company (BKR): Free Stock Analysis Report Flotek Industries, Inc. (FTK): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks