Norwegian Petroleum Technology a Success Story ISBN 82-7719-051-4 Printing: 2005

Total Page:16

File Type:pdf, Size:1020Kb

Norwegian Petroleum Technology a Success Story ISBN 82-7719-051-4 Printing: 2005 Norwegian Academy of Technological Sciences Offshore Media Group Norwegian Petroleum Technology A success story ISBN 82-7719-051-4 Printing: 2005 Publisher: Norwegian Academy of Technological Sciences (NTVA) in co-operation with Offshore Media Group and INTSOK. Editor: Helge Keilen Journalists: Åse Pauline Thirud Stein Arve Tjelta Webproducer: Erlend Keilen Graphic production: Merkur-Trykk AS Norwegian Academy of Technological Sciences (NTVA) is an independent academy. The objectives of the academy are to: – promote research, education and development within the technological and natural sciences – stimulate international co-operation within the fields of technology and related fields – promote understanding of technology and natural sciences among authorities and the public to the benefit of the Norwegian society and industrial progress in Norway. Offshore Media Group (OMG) is an independent publishing house specialising in oil and energy. OMG was established in 1982 and publishes the magazine Offshore & Energy, two daily news services (www.offshore.no and www.oilport.net) and arranges several petro- leum and energy based conferences. The entire content of this book can be downloaded from www.oilport.net. No part of this publication may be reproduced in any form, in electronic retrieval systems or otherwise, without the prior written permission of the publisher. Publisher address: NTVA Lerchendahl gaard, NO-7491 TRONDHEIM, Norway. Tel: + (47) 73595463 Fax: + (47) 73590830 e-mail: [email protected] Front page illustration: FMC Technologies. Preface In many ways, the Norwegian petroleum industry is an eco- passing $ 160 billion, and political leaders in resource rich nomic and technological fairy tale. In the course of a little oil countries are looking to Norway for inspiration and more than 30 years Norway has developed a petroleum guidance. industry with world class products and solutions. This book highlights some of the stories behind this Norwegian This book describes some of the best technology stories success. that have emerged from Norwegian research institutions. Financial support, text and illustrations from the companies A strong Norwegian home market has helped Norwegian and institutions presented in the book have made its publi- industries to develop technologies in the absolute forefront. cation possible and are gratefully acknowledged. An editorial In some important areas, like the subsea market, the committee has been responsible for producing the book Norwegian "oil cluster" became world leaders through under the chairmanship of Research Director Ole Lindefjeld companies like Vetco, Aker Kværner and FMC Techno- of ConocoPhillips, who once demonstrated a multiplier logies. Advanced products for the domestic market, with effect of at least 15 times the amount of money that his cost effective and flexible solutions, are also sought after in company had invested in research and development in the international market place. Norwegian companies are Norway. The committee hopes that telling these stories of now involved in some of the world’s foremost projects, from Norwegian technology will demonstrate that research really Sakhalin in the east to Brazil in the west and Angola in the does pay. The editorial committee has consisted of: south. Ole Lindefjeld (chair) ConocoPhillips Norway, with its 4.5 million inhabitants, is a very small country Helge Keilen (editor) Offshore Media Group indeed. As an energy supplier, however, Norway will play an Kari Druglimo The Research Council of Norway increasingly important role. This will require an even stronger Siri Helle Friedemann The Research Council of Norway emphasis on research, competence and technology Liv Lunde IFE Institute for Energy Technology development. Today some 75.000 highly qualified people David Lysne SINTEF Petroleum Research are working directly in the Norwegian petroleum industry, Kjell Markman RF Rogland Research where the domestic market is still strong with large field Grethe Schei SINTEF Petroleum Research developments like Snøhvit and Ormen Lange. Norway has Knut Åm Norwegian Academy of established a unique Petroleum Fund, which currently is Technological Sciences (NTVA) Contents Foreword by Thorhild Widvey, Minister of Petroleum and Energy . 9 Competitive technological capabilities, INTSOK . 11 MAJOR FIELD DEVELOPMENT PROJECTS Value creator on the Norwegian continental shelf through innovative thinking, ConocoPhillips . 14 «Invisible» Technology. From Tommeliten to Snøhvit, Statoil . 19 Europe’s largest offshore development on track, Hydro . 25 Troll Story – A story of ingenuity, Hydro . 26 EXPLORATION Research enters the age of oil, SINTEF . 28 Revolutionary exploration methods, NGI . 29 Untethered raven, Kongsberg Maritime . 31 SEMI 3D improves discovery rates, SINTEF . 32 Temperature – the most important unknown factor in exploration, RF – Rogaland Research . 33 New geological knowledge creates more efficient oil and gas exploration, Statoil . 34 DRILLING AND RESERVOIR Full-scale Drilling and Well Technology Test Facility, RF - Rogaland Research . 36 Control of Well Pressure, RF - Rogaland Research . 37 Three-dimensional success from the seabed, CMR . 38 Innovations on Troll, Baker Hughes Inc. 39 Good sand control gave increased recovery and increased production, SINTEF . 40 Enhanced recovery with tracer technology in reservoirs, IFE . 41 Foam improves recovery rates on Snorre, SINTEF . 42 With time as the fourth dimension. Schlumberger . 43 FIELD DEVELOPMENT Gigantic Offshore Structures, SINTEF . 46 Skirt foundations and suction anchors worldwide, NGI . 47 Renaissance for concrete expertise from the North Sea, Aker Kværner . 48 The SESAM software platform, DNV . 50 The world’s largest ocean basin, SINTEF . 52 Subsea risk of landslides, NGI . 53 Monitoring offshore and on land, NGI . 54 Subsea innovation with a boost, Aker Kværner . 55 From hand-drawn sketch to technological success, FMC Technologies . 56 Cost-effective subsea development, Vetco . 57 SIMLA facilitated Ormen Lange subsea to shore, SINTEF . 59 Technical expertise with focus on safety, DNV . 60 OLGA enables field development without platforms, IFE and SINTEF . 61 Technology moving from the platform to the sea bed, FMC Technologies . 62 The future design tool for advanced well-flow transport, SINTEF . 64 LNG LNG-transport, DNV . 66 LNG technology made Snøhvit possible, SINTEF . 67 Norwegian loading technology may change the world’s LNG imports, Remora . 68 OPERATIONS Better safety and optimal operation, IFE . 70 A quantum leap in the development of seabed wells, FMC Technologies . 71 Inventions which provide cleaner emissions to marine environments, RF - Rogaland Research . 72 Improvements for safety, ABB . 73 Offshore reliability data, SINTEF . 74 Multiphase technology, CMR . 75 Slug control, ABB . 76 VIEC has increased the production of Troll C, Vetco . 77 pH stabilization for corrosion control, IFE . 78 HVDC on Troll, ABB . 79 Biological effect methods: Bio-markers, RF - Rogaland Research . 80 DECOMMISSIONING Decommissioning of the Frigg platforms, Aker Kværner . 82 THE FUTURE PETROMAKS – A large strategic petroleum R&D program, The Research Council of.
Recommended publications
  • Statfjord: Norway's Drive to Maximise Recovery Rates from Her Mature Fields
    Statfjord: Norway’s drive to maximise recovery rates from her mature fields In the oil and gas industry today, 70 per cent of the world's oil reserves are located in mature fields – assets where production has reached its peak and has started to decline. As things stand that accounts for in excess of 63 million barrels-worth of oil production per day. Nowhere are the challenges presented by mature fields more acutely felt than on the Norwegian Continental Shelf (NCS), where the majority of the 69 fields in production today are classified as mature. In 2001, production on the NCS reached a peak of 3.4 million barrels per day. As of January 2013, Norwegian assets were producing only 1.4 million barrels of oil per day – roughly a 5 per cent year-on-year decrease over a 12 year period. Oil hunger Norway is reliant on and addicted to oil. The marginal tax rate on net profits within the petroleum sector is 78 per cent and in 2012, 30 per cent of total State revenue was derived from the hydrocarbon industry. In Q2 2013, crude oil and natural gas accounted for 41 per cent of all Norwegian exports and 35 per cent of the growth in Norway’s economy could be directly attributed to oil activity. The country’s oil fund is the world’s largest at NOK 4.52 trillion ($750 billion) and is set to grow by a further 50 per cent by 2020. The oil and gas industry dwarfs every other sector in the national economy.
    [Show full text]
  • Coal and Oil: the Dark Monarchs of Global Energy – Understanding Supply and Extraction Patterns and Their Importance for Futur
    nam et ipsa scientia potestas est List of Papers This thesis is based on the following papers, which are referred to in the text by their Roman numerals. I Höök, M., Aleklett, K. (2008) A decline rate study of Norwe- gian oil production. Energy Policy, 36(11):4262–4271 II Höök, M., Söderbergh, B., Jakobsson, K., Aleklett, K. (2009) The evolution of giant oil field production behaviour. Natural Resources Research, 18(1):39–56 III Höök, M., Hirsch, R., Aleklett, K. (2009) Giant oil field decline rates and their influence on world oil production. Energy Pol- icy, 37(6):2262–2272 IV Jakobsson, K., Söderbergh, B., Höök, M., Aleklett, K. (2009) How reasonable are oil production scenarios from public agen- cies? Energy Policy, 37(11):4809–4818 V Höök M, Söderbergh, B., Aleklett, K. (2009) Future Danish oil and gas export. Energy, 34(11):1826–1834 VI Aleklett K., Höök, M., Jakobsson, K., Lardelli, M., Snowden, S., Söderbergh, B. (2010) The Peak of the Oil Age - analyzing the world oil production Reference Scenario in World Energy Outlook 2008. Energy Policy, 38(3):1398–1414 VII Höök M, Tang, X., Pang, X., Aleklett K. (2010) Development journey and outlook for the Chinese giant oilfields. Petroleum Development and Exploration, 37(2):237–249 VIII Höök, M., Aleklett, K. (2009) Historical trends in American coal production and a possible future outlook. International Journal of Coal Geology, 78(3):201–216 IX Höök, M., Aleklett, K. (2010) Trends in U.S. recoverable coal supply estimates and future production outlooks. Natural Re- sources Research, 19(3):189–208 X Höök, M., Zittel, W., Schindler, J., Aleklett, K.
    [Show full text]
  • Offshore Wind and Hydrogen: Solving the Integration Challenge
    OFFSHORE WIND AND HYDROGEN SOLVING THE INTEGRATION CHALLENGE OSW-H2: SOLVING THE INTEGRATION CHALLENGE 1 ACKNOWLEDGMENTS The study was jointly supported by the Offshore Wind Industry Council (OWIC) and Offshore Renewable Energy (ORE) Catapult, and delivered by ORE Catapult. The Offshore Wind Industry Council is a senior Government and industry forum established in 2013 to drive the development of the UK’s world- leading offshore wind sector. OWIC is responsible for overseeing implementation of the UK Offshore Wind Industrial Strategy. ORE Catapult is a not-for-profit research organisation, established in 2013 by the UK Government as one of a network of Catapults in high growth industries. It is the UK’s leading innovation centre for offshore renewable energy and helps to create UK economic benefit in the sector by helping to reduce the cost of offshore renewable energy, and support the growth of the industry. AUTHORS: ANGELIKI SPYROUDI KACPER STEFANIAK DAVID WALLACE STEPHANIE MANN GAVIN SMART ZEYNEP KURBAN The authors would like to thank a number of organisations and stakeholders for their support through Steering Committee and Expert Group meetings or individually. They include, in alphabetical order: Atkins (David Cole), BEIS (Tasnim Choudhury, Simone Cooper Searle, David Curran, Rose Galloway – Green, Fiona Mettam, Alan Morgan, Allan Taylor, Mark Taylor, Rita Wadey, Alex Weir) Committee on Climate Change (Mike Hemsley, David Joffe, Julia King), Crown Estate Scotland (Mark McKean), EDF Energy (David Acres), Energy Systems Catapult (Nick
    [Show full text]
  • The Development of the Norwegian Petroleum Innovation System: a Historical Overview
    The development of the Norwegian Petroleum Innovation System: A historical overview Ole Andreas H. Engen University of Stavanger Correspondence: [email protected] Abstract This paper addresses the development of the Norwegian Petroleum Innovation System. The characteristics of the Norwegian Petroleum Innovation System were on the one hand the increasing ability to solve bottlenecks connected to production and operation on the Norwegian shelf, and on the other a gradual learning process which enabled a large portion of Norwegian participation in the petroleum business. While the initial phase of the petroleum development of Norway in the sixties was characterised by an absorptive capacity of receiving new technology, the building of Norwegian competence in the seventies and eighties was in certain respects directly shaped by public policy in order to participate. With the Condeep design it became possible to speak of an independent Norwegian petroleum industry. The development of Norwegian producer and supplier companies signified that petroleum activity in Norway was entering a new phase. In the R&D System of Norway petroleum education and research were introduced at several levels. Due to new cost efficient technologies introduced in the nineties, we may say that the adjustment was concluded by the beginning of 21st century. The Norwegian oil and gas actors perceived themselves ready to fully participate in the international system of energy producers. Version of 06.08.2007 TIK Working paper on Innovation Studies No. 20070605 *This paper is part of the project "Innovation, Path-dependency and Policy" (IPP) carried out at the Centre for Technology, Innovation Culture (TIK), University of Oslo with the support of the Norwegian Research Council (Contract no.
    [Show full text]
  • UK Offshore Oil and Gas
    House of Commons Energy and Climate Change Committee UK offshore oil and gas First Report of Session 2008–09 Volume II Oral and written evidence Ordered by The House of Commons to be printed date 17 June 2009 HC 341-II Published on date 30 June 2009 by authority of the House of Commons London: The Stationery Office Limited £16.50 The Committee Name The Energy and Climate Change Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of the Department of Energy and Climate Change and associated public bodies. Current membership Mr Elliot Morley MP (Labour, Scunthorpe) (Chairman) Mr David Anderson MP (Labour, Blaydon) Colin Challen MP (Labour, Morley and Rothwell) Nadine Dorries MP (Conservative, Mid Bedfordshire) Charles Hendry MP (Conservative, Wealden) Miss Julie Kirkbride MP (Conservative, Bromsgrove) Anne Main MP (Conservative, St Albans) Judy Mallaber MP (Labour, Amber Valley) John Robertson MP (Labour, Glasgow North West) Sir Robert Smith MP (Liberal Democrats, West Aberdeenshire and Kincardine) Paddy Tipping MP (Labour, Sherwood) Dr Desmond Turner MP (Labour, Brighton Kemptown) Mr Mike Weir MP (Scottish National Party, Angus) Dr Alan Whitehead MP (Labour, Southampton Test) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at www.parliament.uk/parliamentary_committees/ecc.cfm.
    [Show full text]
  • Statfjord Area
    This book is a work of reference which provides an easily understandable Oil and gas fields in n survey of all the areas, fields and installations on the Norwegian continental shelf. It also describes developments in these waters since the 1960s, Oil and gas fields including why Norway was able to become an oil nation, the role of government and the rapid technological progress made. In addition, the book serves as an industrial heritage plan for the oil in nOrway and gas industry. This provides the basis for prioritising offshore installations worth designating as national monuments and which should be documented. industrial heritage plan The book will help to raise awareness of the oil industry as industrial heritage and the management of these assets. Harald Tønnesen (b 1947) is curator of the O Norwegian Petroleum Museum. rway rway With an engineering degree from the University of Newcastle-upon- Tyne, he has broad experience in the petroleum industry. He began his career at Robertson Radio i Elektro before moving to ndustrial Rogaland Research, and was head of research at Esso Norge AS before joining the museum. h eritage plan Gunleiv Hadland (b 1971) is a researcher at the Norwegian Petroleum Museum. He has an MA, majoring in history, from the University of Bergen and wrote his thesis on hydropower ????????? development and nature conser- Photo: Øyvind Hagen/Statoil vation. He has earlier worked on projects for the Norwegian Museum of Science and Technology, the ????????? Norwegian Water Resources and Photo: Øyvind Hagen/Statoil Energy Directorate (NVE) and others. 175 ThE sTaTFjORD aREa The Statfjord area lies in some 150 metres of water and embraces the Statfjord, Statfjord East, Statfjord North, Sygna and Murchison fields.
    [Show full text]
  • Annual Report 2019 the 2019 Partners
    THE NATIONAL IOR CENTRE OF NORWAY Annual report 2019 The 2019 partners ConocoPhillips Observers Contents Management Team 4 Board Members 4 Technical Committee 5 Scientific Advisory Committee 5 About 6 Research Themes 7 Greetings from the Director 8 Greetings from the Chairman of the Board 9 Consortium Partners 10 Activity Highlights On the use of thermo-thickening polymers for in-depth mobility control – large scale testing 12 Developing the ensemble Kalman filter based approach for history matching 15 Coordinating Upscaling Workflow 16 Interpore – 3rd National Workshop on Porous Media 17 New management team 18 Great expectations from the Research Council of Norway 19 Researcher Profiles Mehul Vora 20 André Luís Morosov 21 Micheal Oguntola 21 Tine Vigdel Bredal 22 Arun Selvam 22 Panagiotis Aslanidis 23 William Chalub Cruz 23 Nisar Ahmed 24 Aleksandr Mamonov 24 Juan Michael Sargado 25 Runar Berge 25 Highlights from the PhD Defences PhD Defences 2019 26 Core scale modelling of EOR transport mechanisms 27 Smart Water for EOR from Seawater and Produced Water by Membranes 27 Wettability estimation by oil adsorption 28 CO2 Mobility Control with Foam for EOR and Associated Storage 28 Interaction between two calcite surfaces in aqueous solutions … 29 Research Dissemination, Conferences & Awards Lundin Norway shares all data from one field 30 PhD student Mehul Vora presented at OG21 31 Selected Papers 32 Media Contributions 2019 35 Who are we? 36 Publications 37 3 Management Team Ying Guo Tina Puntervold Randi Valestrand Centre Director Assistant
    [Show full text]
  • Ormen Lange and Nyhamna Expansion the Ormen Lange Story
    ORMEN LANGE AND NYHAMNA EXPANSION THE ORMEN LANGE STORY 2001 PHASE 1 – DEVELOPMENT OF ORMEN LANGE AND NYHAMNA 2002 Nyhamna is selected as the land facility for the Ormen Lange gas. 2003 Start up of development offshore and onshore 2004 - the bigges ever industry project in Norwegian history. 2005 West Navigator starts drilling the world’s largest gas wells. 2006 Shell takes over as operator of Ormen Lange. First gas. 2007 PHASE 2 – ORMEN LANGE IN OPERATION 2008 First full year of operation. More wells are drilled. Tuning of the facility optimises production. First hot tap and x-mas tree installation from vessel instead of rig. 2009 2010 A fourth well template is installed north 2011 on the field. Start-up of subsea compression test pilot. 2012 PHASE 3 – FURTHER DEVELOPMENT AND EXPANSION OF NYHAMNA 2013 Start of the Nyhamna expansion project. Further development of Ormen Lange includes drilling of more wells, exploration of near field opportunities and seismic 2014 surveys. Photo: Lars Øvrum IMPORTANT FOR EUROPE. Ormen Lange exports natural gas to Europe, and has covered about 20 per cent of the UK’s total gas consumption since 2009. 20% Stable and reliable gas supply from Norway is important for ORMEN LANGE SUPPLIES EU countries that want improved utilisation of nearby resources THE UK WITH UP TO 20 PER - thereby reducing their dependency on gas import from outside CENT OF THE COUNTRY’S Europe. GAS NEEDS When the expansion project at Nyhamna is completed, the facility will be able to deliver gas equivalent to the consumption of 22 million homes in the UK and continental Europe.
    [Show full text]
  • Norwegian Experience As a Promising Measure for the Russian Energy System Development
    International Journal of Energy Economics and Policy ISSN: 2146-4553 available at http: www.econjournals.com International Journal of Energy Economics and Policy, 2017, 7(3), 31-35. Norwegian Experience as a Promising Measure for the Russian Energy System Development Elena S. Balashova1, Elizaveta A. Gromova2* 1Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia, 2Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia. *Email: [email protected] ABSTRACT At the moment, Arctic is in the interest of many countries, and not only near the Arctic. A high degree of the region promising in the context of undiscovered oil and gas resources is the explanation for it. Russia possessing the most significant share of these reserves has a fairly low rate of investigation of the Arctic shelf. Arctic hydrocarbon resources occupy the important strategic place in the development of the fuel-energy complex of Russia, ensuring its energy security. Hence, the goal of this research is to identify effective model of the offshore fields development in the Arctic zone of the Russian Federation. The Norwegian model of formation of consortia for the development of the offshore fields is analyzed and it is examined in the context of the Russian Arctic. The effectiveness of the introduction of this model in Russia is proved. Keywords: Consortium, Energy System, Arctic Shelf, Arctic Zone of the Russian Federation JEL Classifications: Q43, Q48, R11 1. INTRODUCTION Ormen Lange (Norway) have already been identified. In addition, the prospects of the oil and gas potential of other less studied In recent years, the issues of exploration and exploitation areas of the Arctic shelf were confirmed.
    [Show full text]
  • Den Norske Stats Oljeselskap A.S/Annual Report and Accounts 19N
    Den norske stats oljeselskap a.s/Annual report and accounts 19n stato11 Table of contents Page 3 The Board of Directors, Page 26 Recommendation from the The Certified Public Company General Assembly, Accountant, The Company Auditor's Report General Assembly Page 27 More about Statfjord field Page 5 Highlights development Page 7 Projects Page 30 Drilling on blocks where Page 8 Report by the Board Statoil held interests in 1977 of Directors Page 13 The Articles of Association Page 19 Statement of profit and Page 32 Survey of Statoil interests loss for 1977 in licenses allocated as of Page 20 Balance sheet as of 10 Jan. 1978 31 December 1977 Page 33 Survey of the Norwegian Page 22 Comments to financial continental shelf south of statements the 62nd parallel Page 25 Source and application Page 34 Administration of funds The main Statoil administration building, Stavanger, Norway. Statoi I investments Other investments II Offshore field development Millions Possible recoverable reserves of Kroner in proven fields ------------------ 2000 Millions of tons of oil equivalents =======:!""""~~~==----------800 1974 1975 1976 1977 Oil Gas Total value of Statoil transactions involving petroleum and petroleum products Refined products Crude oil and gas Number of Statoil employees II Millions of Kroner - ----------------- 1800 500 400 300 200 100 1974 1975 1976 1977 1974 1975 1976 1977 4 Highlights Amounts in millions of N.kr. 1977 1976 1975 1974 1973 Sales 1682.6 1298.3 382.3 98.2 Salaries and social costs 55.3 36.5 20.1 8.0 2.1 Depreciation 47.0 32.8 1.1 0.3 0.2 Financial expenditures 35.6 -4.8 7.9 7.0 7.6 Financial result -112.1 -134.2- 62.
    [Show full text]
  • Decommissioning Offshore Concrete Platforms
    HSE Health & Safety Executive Decommissioning offshore concrete platforms with an Executive Summary by Graham Morrison of the Health and Safety Executive Prepared by Atkins Process Limited and Olav Olsen A/S for the Health and Safety Executive 2003 RESEARCH REPORT 058 HSE Health & Safety Executive Decommissioning offshore concrete platforms with an Executive Summary by Graham Morrison of the Health and Safety Executive Offshore Safety Divison Lord Cullen House Aberdeen Atkins Process Limited 6 Gordon Square Aberdeen AB10 1RD Olav Olsen A/S P.O Box 139 N - 1325 Lysaker Norway Decommissioning activity offshore is expected to increase significantly in the next few years and will include some very large concrete platforms in the northern North Sea. The two studies included in this report examine possible methods of removal and demolition, including complete removal, part-removal to below the water line and leaving the concrete bases in place after removing the topsides completely. The studies are prefaced by an introduction from the Health and Safety Executive into the legislative and technical issues that led to this research. The studies examine the risks to people and the environment from decommissioning large concrete platforms. The possibilities of refloating, transporting the structures to shore and disposing of them on land are all evaluated. The first study was carried out by Atkins Process in the UK, the second by Olav Olsen A/S consultants in Norway and the original designers of the Condeep platforms, the most common type of concrete platform offshore Europe. Both studies indicate that risks from removal could be very high and refloating may not be possible for some older platforms.
    [Show full text]
  • SUBC Q2 2021 Presentation
    Second Quarter 2021 Earnings Presentation 28 July 2021 1 © Subsea 7 - 2021 subsea7.com Forward looking statements • This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements for the year ended 31 December 2020. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies,
    [Show full text]