Aker Solutions Awarded Frame Agreement with Statoil

Press Release
Wednesday, February 27, 2013

Aker Solutions, the international oil services provider, 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 and is signed for the duration of five years with three additional three year options (5+3+3+3). Aker Solutions 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 world's biggest subsea development with regards to the number of subsea wells. 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, which is located in the northern part of the North Sea, approximately 65 kilometres west of Kollsnes, near Bergen in Norway.

Aker Solutions' facility at Aagotnes, outside Bergen on the west coast of Norway, will support the projects from Statoil. This site was established in 1994, and has installed more than 200 subsea trees on the Norwegian continental shelf.

Based on expected market developments, Aker Solutions will further develop the service base at Aagotnes in 2013 and 2014. Two new workshops for the maintenance of subsea equipment, new logistic facilities and a new office block which includes state-of-the-art operational support systems, will be set up at the existing base at Aagotnes. This will add 6 000 square metres of buildings besides 450 new office facilities.

The Aagotnes base provides life-field support for subsea equipment, including offshore installation and intervention support, onshore maintenance, refurbishment and upgrades of subsea trees, control systems and intervention work-over systems, besides maintenance, repairs and recertification of tools. Today, the Aagotnes base employs approximately 800 people.

www.akersolutions.com

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