- Statoil (STO -0.3%) again cuts its estimated cost of developing Norway's Johan Sverdrup oilfield, the largest North Sea discovery in decades, and announces contract awards for the second and final construction phase.
- STO now sees overall field development expense at NOK137B-NOK152B ($16.2B-$18B), down from a previous range of NOK140B-NOK170B seen in August, which itself was lower than an earlier outlook for NOK220B in costs.
- Germany's Siemens (OTCPK:SIEGY) and Norwegian engineering firms Kvaerner and Aker Solutions win contracts for the second phase, although STO does not plan to make a formal investment decision until H2 2018.