Aker Solutions Power Cable Installation Contract

Aker Solution' marine operations unit has entered into a long-term agreement with ABB regarding installation of power cables and related services. ABB will charter one of Aker Solutions' new vessels for installation campaigns during 2012 and 2013. Aker Solutions estimates that this can generate revenues up to $82.3m. The agreement also includes options for further campaigns in the period 2014 - 2016. Key deliverables from Aker Soutions will in addition to the vessel include project management, engineering and offshore execution. The vessel is a state-of-the-art installation vessel uniquely equipped to install long, heavy power cables and subsea umbilicals.  It is one of Aker Solutions' vessels already under construction. The vessel will be called Aker Connector and will be ready for operations from 2012.
 
For Aker Solutions the agreement means higher predictability with regards to vessel utilisation and associated operations such as engineering, installation planning and execution of the installation activities. ABB and Aker Solutions have also entered into a strategic cooperation agreement where the two parties have ambitions to combine their strengths within power cables (ABB) and installation services (Aker Solutions) in selected projects. Aker Solutions' contract party is Aker Marine Contractors AS.