Aker Solutions secures maintenance and modifications contract with BP Norway

Fri Mar 30, 2012 6:30am EDT

* Reuters is not responsible for the content in this press release.

30 March 2012 - BP has decided to extend the maintenance and modification contract with Aker Solutions, exercising an option in the existing agreement for the Ula, Valhall, Skarv, Hod and Tambar fields. Work under the extended contract will last until April 2014, and the contract value is estimated to be in the range of NOK 0,8 to 1,2 billion.

The original maintenance and modification contract was signed in 2005.

"We are very pleased that BP, a key player on the Norwegian continental shelf, renews its trust in our services. This extension ensures the basis for continued development of our relationship with BP," says head of Aker Solutions' maintenance, modifications and operations business, Tore Sjursen.

Scope of work under the contract includes maintenance support services and brownfield modification projects covering engineering, procurement, fabrication and offshore installation. The contract currently employs approximately 200 people in Stavanger, 20 in Egersund and 300 in offshore rotation.

Maintenance and modifications work will help to increase oil recovery rate and extend the life of BP's fields. BP Norway's largest field, Valhall, which came on stream in 1982, is expected to produce until 2050, even though it is one of the oldest fields on the Norwegian continental shelf.

"Aker Solutions is also proud to be the modification services provider to BP's great new Skarv development off the coast of Nordland. This is an important contract for the build up of our activities in Sandnessj√łen," says Sjursen.

Contract parties are Aker Solutions MMO AS and BP Norway AS.

ENDS

For further information, please contact:

Media:
Cathrine Gjertsen, communications manager, Aker Solutions. Tel: +47 51 85 25 30, Mob: +47 99 49 25 37, E-mail: cathrine.gjertsen@akersolutions.com

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 91 13 71 94, E-mail: lasse.torkildsen@akersolutions.com

Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.

Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 23 500 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers' solutions.

Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Aker Solutions ASA via Thomson Reuters ONE

HUG#1598709
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.