Aker Solutions ASA Awarded Frame Agreement with Statoil

Aker Solutions ASA (Aker) announced that it has been awarded a frame agreement with Statoil for the delivery of subsea operations and services on the Norwegian continental shelf. Subsea operations and services covers installation of subsea equipment, maintenance, upgrade and recertification of tools and installed equipment. It also includes workover activities and life extension of subsea wells. The size of the frame agreement is dependent on call-offs and the number of projects that Statoil decides to execute. The frame agreement with Statoil is signed for the duration of five years with three additional three year options (5+3+3+3). Aker has booked NOK 5.5 billion of order intake as a preliminary estimate of the work to be generated in the initial five year period, of which NOK 230 million (USD 42 million) was booked in the fourth quarter of 2012 due to prior commitments from Statoil. Statoil will immediately execute a subsea refurbishment project for the Troll field. The new Troll contract covers the refurbishment and upgrade of subsea trees until the end of 2014, besides the investments in long lead components for further refurbishment at the Troll field, located in the northern part of the North Sea, approximately 65 kilometers west of Kollsnes, near Bergen in Norway. Aker's facility at Aagotnes, outside Bergen on the west coast of Norway, will support the projects from Statoil.