Aker Wins Island Offshore Contracts

Aker Solutions to provide well services for Island Offshore and Statoil in the North Sea

Aker Solutions has been awarded two contracts from Island Offshore to provide well intervention services for Statoil in the North Sea.

Scope of work is to deliver downhole well intervention services from Island Offshore's two riserless well intervention vessels Island Frontier and Island Wellserver. These operations include running of mechanical wireline, electrical wireline and wireline tractor services.

The two contracts are valid for five years plus two optional two-year extensions (5+2+2). They will run from 2015, when the current contracts expire.

Aker Solutions has provided downhole services from Island Frontier since 2006 and Island Wellserver since 2009and estimates that the two contracts in total will generate revenues between NOK 400 and 500 million during the firm five-year period.

Well intervention services are carried out in an oil or gas well, with the objective of maximising production and increasing the recovery rate of oil and gas. Well intervention has traditionally been performed from fixed platforms. In more recent years, specially equipped ships have been developed to undertake the same type of service on subsea wells, where recovery rates have been much lower.

Aker Solutions' contract party is Aker Well Service AS.