Baker Hughes Cops Equinor Award

Baker Hughes (NASDAQ: BKR) shares shrank to begin Wednesday, as the energy technology company announced it will provide Equinor plug and abandonment (P&A) services in the Oseberg East field on Norway’s continental shelf.

Baker Hughes’ Mature Assets Solutions team will lead the integrated P&A campaign planning phase, as well as delivering integrated P&A services in execution across several wells in the North Sea.

Baker Hughes has a history of successful integrated P&A projects, as well as its innovative portfolio of Mature Assets Solutions with a proven track record of increasing efficiency, accelerating timelines and reducing total operating costs.

Through this integrated P&A program, Baker Hughes will plug and abandon wells and provide project management services on behalf of Equinor.

“Our Mature Assets Solutions experts are well equipped to manage every phase of P&A and optimize operations to meet Equinor’s well abandonment goals,” said Baker Hughes official Amerino Gatti.

“As this project unfolds, we will collectively unlock new efficiencies that set new standards for well abandonment solutions, providing cost-effective solutions to Equinor through collaboration, technology, optimization and integration.”

This project follows the March 2025 signing of a multi-year framework agreement between Baker Hughes and Equinor to provide integrated plug and abandonment services.

To manage the project, Baker Hughes will establish a P&A Center of Excellence in Bergen and Stavanger. This hub of expertise will bring together project managers and subject matter experts to centralize P&A activities in the North Sea, ensuring the most economical and reliable solutions are implemented to responsibly abandon each well while maximizing operational efficiencies.

BKR shares dropped 44 cents, or 1.1%, to $38.64.