South Korean offshore and marine giant Samsung Heavy Industries (SHI) said it has signed a “strategic collaboration agreement” with the Norwegian energy major Equinor aimed at deepening co-operation on Equinor’s new projects.

SHI said in a statement that the two companies recognise a longer-term and closer collaboration on Equinor’s future project portfolio requiring “Asian Solutions” could be mutually beneficial over the next five years.

The collaboration will enable the two sides to share opinions on mid- to long-term business strategies and broaden their co-operation.

The collaboration will cover Equinor’s oil and gas business, as well as its expansion into the renewable energy sector through select solar and offshore wind projects.

The two companies have a history of working together on major offshore oil and gas projects, including the Kristin and Johan Sverdrup developments in Norway.

Equinor has several oil and gas growth projects in its portfolio including Wisting and Bay du Nord.