Landmark Research Agreement with Sintef

Maritime Activity Reports, Inc.

May 31, 2011

Statoil and Sintef have signed a new framework agreement – one which likely to be the most comprehensive individual research agreement ever signed in Norway.

With a potential value of NOK 1 billion, the agreement is valid for four years with an option for an additional two plus two years.

“Sintef has both wide and expert knowledge in disciplines that are important to Statoil, such as deepwater and multi-phase technology,” says Statoil research and development head Karl Johnny Hersvik.

Statoil entered into its first framework agreement with Sintef in 1985. The cooperation has solved many technological challenges and placed Statoil among the most technologically advanced companies in areas such as liquefied natural gas (LNG), multi-phase and materials technology, as well as carbon dioxide handling.

“This agreement is important to Sintef, and it is a recognition to be chosen as Statoil’s cooperation partner,” says Sintef chief executive Unni Stensmo. “The agreement ensures both predictability and a long-term perspective in our research work.”

Statoil will spend half of its NOK 2.4 billion total research and development budget in 2011 on external suppliers, of which Sintef plays a vital role.

“The international focus on research is greater than ever, competition is tougher and research and development will play a fundamental role in solving global energy challenges,” says Hersvik. “Our responsibility is to make sure that Statoil possesses the necessary research expertise and capacity, and the agreement with Sintef is an important part of this.”

Source: Statoil

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