Scana company renews frame agreement with an international rig company for subsea services. 

PSW Technology has signed a renewal of a frame agreement with an international rig company for subsea support services.

The framework agreement will commence in Q1 2025 and extend for a period of 2 years. The framework agreement does not entail any delivery obligations but specifies a maximum delivery volume classified as a sizeable-scale contract (1).

“We appreciate the extension of the framework agreement and the trust it represents. We look forward to continuing our strong collaboration and are noticing increased demand in the subsea market,” says Richard Cornell, Managing Director of PSW Technology.

(1) A sizeable contract is defined to be between NOK 20 million and NOK 50 million.

(2) A substantial contract is between NOK 50 million and NOK 150 million.

(3) A large contract is over NOK 150 million.