Stolt Offshore Wins N.Sea Contracts

Stolt Offshore S.A. received Letters of Intent, valued at approximately $26 million for two contracts from Statoil ASA on its Norne Satellites Project in the Norwegian Sector of the North Sea.

The Letters of Intent cover the installation of umbilicals between the Norne FPSO and the new satellite locations Stær and Svale, the installation of manifolds, the fabrication and installation of risers, water injection flowlines and flexible components as well as subsea tie-ins. All of the flexible components will be manufactured by our joint venture company NKT Flexibles. Work on both contracts starts immediately with offshore installation in 2005.

Oeyvind Mikaelsen, Vice President Northern Europe and Eastern Canada region, said, "We have been particularly successful in growing our backlog of North Sea construction projects this year. This latest award from Statoil is a very welcome addition to that list."