Statoil Contract for Ocean Installer

Press Release
Monday, March 25, 2013

Ocean Installer has been awarded an Engineering, Procurement, Construction, Installation (EPCI) contract for subsea installations and tie-in operations at the Statoil operated fields Gina Krog (former Dagny) and Eirin. The total contract value is approximately $85 million (U.S.), including options.

The scope of work is part of the field development of the Gina Krogand Eirin fields and includes design, fabrication and subsea installation of Gas Export Pipeline End Manifold (PLEM), the oil export riser base, the tie-in spools and covers, as well as all associated remote tie-in operations. The work scope related to the Eirin field is included as an option due to the later project sanctioning schedule for this development.

The engineering and project management onshore will start up with immediate effect and will be executed from Ocean Installer’s Headquarters in Stavanger, Norway. The offshore campaigns will be executed in 2015 and 2016 and Ocean Installer will utilize the construction support vessels (CSVs) Normand Mermaid, Normand Clipper and Normand Vision to undertake the offshore work.

Gina Krog is an oil and gas field located approximately 30 km north of the Sleipner A installation in the Norwegian sector of the North Sea. The gas/condensate field Eirin is located 9 km north-west of Gina Krog. The water depth in the area is approximately 120 meter. The two fields are developed in parallel and start-up of production is foreseen for Q1 2017.The development of the Gina Krog and Eirin fields is one of Statoil’s new large developments.

Statoil is operator of the Gina Krog field (58.7%) and additional license partners are Total E&P Norge (38.0%) and Det Norske (3.3%). At the Eirin field, Statoil is operator (78.2%) and Total E&P Norge license partner (21.8%).

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