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Tuesday, January 23, 2018

Norsk Hydro News

Maintenance Contract for Norsk Hydro

Norsk Hydro will award Aker Kvaerner a frame agreement for maintenance and modification of six of their platforms in the North Sea. The agreement runs for three years and the contract value is approximately NOK 300 million p.a. The agreement may be extended for additional six years. The platforms included in the agreement are Troll B and Troll C, Oseberg Øst, Oseberg C, Brage and Grane. The work is estimated to approximately 500,000 hours per year.The contract will be managed from Aker Offshore Partner's division at Sandsli close to Bergen in Norway under the new offshore agreement with Norsk Hydro, but also other Aker Kvaerner companies will be involved. The agreement will take effect as of July 1.

Norsk Hydro Begins Exploration Using SGI Technology

Norsk Hydro ASA selected SGItechnology to expand its national and international oil exploration efforts as well as for a number of research projects. To perform seismic acoustic tomography and migration velocity analysis to determine optimal oil well drilling sites, Norsk Hydro's facility in Bergen, Norway, selected a large, shared-memory SGI Altix system. For its research center in the port city of Porsgrunn, Norsk Hydro acquired an SGI Altix for computational fluid dynamics applications and a Silicon Graphics Prism visualization system. Norsk Hydro's research center in Bergen is developing and testing different methods of imaging and working on a large variety of technical services for oil and gas production.

Farstad Receives Letter of Intent from Norsk Hydro

Farstad Shipping ASA, in co-operation with Stolt Offshore AS, has received a Letter of Intent from Norsk Hydro for a 5 year charter, plus 3 yearly options, for the newbuilding Far Saga, which was deliverd from Simek AS on 31st of October. The vessel, a large platform supply vessel (PSV) of design UT 745 L, will be a part of Stolf Offshore AS' contract with Norsk Hydro for underwater services. Far Saga will operate in a PSV role for Norsk Hydro until necessary outfitting and mobilization for underwater services is carried out. company's largest customers. Further this means that 6 of the 7 newbuildings ordered in year 2000 have now achieved long-term contracts. of year 2002. This work will take place outside the North Sea. The total value of the firm period of these contracts is approx.

Smedvig Secures Contract Extension for West Venture

Smedvig has signed an agreement with Norsk Hydro to extend the drilling contract for the semi-submersible drilling rig West Venture. The extension of the drilling contract has a firm duration of two years and in addition, annual renewal options for five more years. The estimated contract value for the firm period is US$ 150 million (approximately NOK 1 billion) and includes an incentive scheme related to drilling performance. West Venture is equipped with a dual derrick set allowing for enhanced drilling efficiency. The dual drilling system is especially advantageous in completion of subsea production wells. West Venture has operated…

Norsk Hydro Strikes Oil, Natural Gas Reserves off Norway

Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that make the Nordic country a major oil exporter. Linking new discoveries to existing platforms sharply reduces development costs. Source: Canada East

Breivik Acting Exec VP - StatoilHydro

Mr. Breivik will succeed Hilde Merete Aasheim who will leave StatoilHydro on the same date to take up her new position as executive vice president of Aluminium Metal in Norsk Hydro. Gunnar Breivik is currently senior vice president of StatoilHydro's health, safety and environment cluster. Mr. Breivik will continue to hold the responsibility for this field as well. After completing his chemical engineering studies as a chartered engineer at the of Science and Technology (NTNU) in 1981, Mr. Breivik was employed by Phillips Petroleum before he started working for Norsk Hydro in 1985. Gunnar Breivik held a number of positions in Hydro Oil & Energy…

N.Hydro Says To Present Saga Bid Next Week

Norsk Hydro is reportedly planning to present a formal takeover bid for oil firm Saga Petroleum next week.

Husky Energy, Norsk Hydro Canada Announce Oil Discovery

Husky Energy Inc. Norsk Hydro Canada Oil & Gas say they have found new energy deposits near the Terra Nova oilfield off the East Coast. Calgary-based Husky and Norwegian-owned Norsk Hydro said late Tuesday that offshore drilling in the Jeanne d'Arc Basin off the coast of Newfoundland and Labrador had found hydrocarbons near Terra Nova, Canada's second major offshore field after Hibernia. The companies said the West Bonne Bay F-12 well is about 320 kilometres southeast of St. John's. Under a farm-in agreement with Norsk Hydro, Husky drilled the well to a depth of 4,666 metres and also drilled a sidetrack well to determine the size of the oil reservoir. Both wells showed energy deposits in the Upper Hibernia formation, the companies said.

Kvarerner Gets Norsk Hydro Contract

Norsk Hydro has awarded Kvaerner a contract worth $39 million to upgrade gas compression capacity on the Oseberg C platform in the Norwegian North Sea. This assignment covers engineering, procurement and construction of a 650-tonne compressor module with associated hook-up work. It also embraces compressor testing on land and assistance to Hydro during offshore hook-up and commissioning. Engineering work is due to begin immediately at Kvaerner's Lysaker premises outside Oslo. Fabrication will commence this August at the Rosenberg Verft yard in Stavanger. Plans call for the module to be transported to the field in May 2003, with offshore completion scheduled for July of the same year.

Umbilical Contract to Aker Kvaerner

Aker Kvaerner signed a contract with Subsea 7 Norway for the manufacturing and supply of steel tube umbilicals for Norsk Hydro's Vega and Troll O2 developments in the North Sea. The contract, worth $74.5 m, is one of Aker Kvaerner's largest stand-alone umbilical contracts to date. Aker Kvaerner Subsea will deliver approximately 60 km of static and dynamic umbilicals to Subsea 7 for its developments at Norsk Hydro's Vega and Troll 02 fields. Work on the umbilicals will commence immediately. They will be manufactured at Aker Kvaerner Subsea's facility in Moss, Norway. Delivery is scheduled for April 2009.

New Members Elected to Hydro's Board

Billy Fredagsvik and Jørn B. Lilleby have been elected members of Norsk Hydro ASA's Board of Directors. Fredagsvik, process operator in Hydro, and Lilleby, maintenance supervisor in Hydro, replace Geir Nilsen and Ragnar Fritsvold as two of the Board’s three employee-elected representatives

StatoilHydro Plan for Completion of the Merger

The merger between Statoil ASA and Norsk Hydro ASA’s petroleum business is expected to be implemented on October 1, 2007, before the opening of the markets in Oslo that day. As a result, this will be the first day of trading in the StatoilHydro share. Friday, September 28, will be the last day that the Hydro shares will trade inclusive of the right to receive Statoil shares. Following the merger Hydro will continue as a focused aluminum company; the NHY ticker code and ISIN number NO0005052605 remain unchanged.

EU Commission OKs StatoilHydro Merger

Statoil and Hydro have received clearance from the European Commission for the announced merger between Norsk Hydro ASA's petroleum activities and Statoil ASA. The European Commission has declared that the merger is compatible with the common market pursuant to Article 6(1)(b) of the EC Merger Regulation. The clearance represents a major step forward for Statoil and Hydro in order to complete the planned merger.

EU Clears Statoil/Hydro Merger

Statoil and Hydro have today, May 3, 2007, received clearance from the European Commission for the announced merger between Norsk Hydro ASA's petroleum activities and Statoil ASA. The European Commission has declared that the merger is compatible with the common market pursuant to Article 6(1)(b) of the EC Merger Regulation. The clearance represents a major step forward for Statoil and Hydro in order to complete the planned merger. Merger clearances are still in the process of being obtained in other jurisdictions as required by applicable laws.

Stolt Offshore Awarded Repair Contracts in Norway

Stolt Offshore S.A. announced the award of contracts from Statoil and Norsk Hydro to the Stolt Halliburton Joint Venture for pipeline repairs in Norway. This joint venture was originally formed in 1995 for servicing the Statoil Hyperbaric Welding and Diving Services Contingency Contract and renewed in July 2000 for five years. The first contract is for pipeline repairs on the Aasgard field for Statoil and is valued at $100 million. expected to be completed in April 2002. The second contract is for pipeline repairs on the Tune field pipeline for Norsk Hydro and is valued at $6 million. This contract will use the pipeline repair system owned by the Statpipe License and the Oseberg Transporation System and administered by Statoil.

SEA TECHNOLOGY:Successfull AUV operation Ormen Lange

Norsk Hydro ASA contracted Stolt Offshore to perform AUV seabed charting in the Storegga slide August/September 2002. NUI AS with the AUV NUI Explorer was subcontracted by Stolt Offshore to perform the AUV services. Pushing the exploration and production of oil and gas into ultra-deep water is facing a significant challenge of installing subsea production equipment and transport pipelines in rough and complex seabed terrain. The pipeline systems to bring the oil and gas ashore often have to cross steep escarpments leading to shallower continental shelves. As a result detailed knowledge about seabed conditions becomes a key factor affecting the engineering and construction activities. Identification of the most optimal site and pipeline route means significant lower construction cost.

Hydro Reduces 2007 O&G Targets

Norsk Hydro ASA has reduced its oil and gas production target for 2007 by 3.3 percent, to 585,000 barrels of oil equivalents per day (boed) from 605,000 boed, due in large to revised production forecast for several non-Hydro-operated fields on the Norwegian Continental Shelf, including Kvitebjørn, Kristin and Volve.

Statoil Cuts Gas Estimates 10-20%

Statoil cut estimates of recoverable gas reserves at the Kvitebjoern prospect in the North Sea by 10 to 20 percent. The company said it and its partners -- Elf and Norsk Hydro -- were now reassessing whether the prospect was commercially viable.

Saga Says Capable of Staying Independent

Saga Petroleum is reportedly fully capable of remaining independent if shareholders reject a takeover bid by industrial group Norsk Hydro ASA, according to company reports.

New CEO for Aker Yards

Torstein Dale Sjøtveit has been appointed new president and CEO for Aker Yards ASA. Sjøtveit comes from the global industrial company Norsk Hydro, and brings a strong international top management experience. He will start in his new position with Aker Yards at the latest 1 September 2008.In March 2008, Aker Yards announced the start of a recruitment process for a new CEO. In the intermediate period, the chairman of the board of directors, Svein Sivertsen, has acted as CEO.

Newfoundland to Take Offshore Stake

The Canadian province of Newfoundland plans to take a 10% stake in new oil and gas projects off its coastline, Forbes reported. The demand was contained in the provinces 35-year energy plan recently released. The province will take a 10% stake in future offshore oilfields if they meet long-term strategic objectives and will pay its share of exploration and development costs, he said. Last month the province reached an agreement with oil companies Chevron, ExxonMobil, PetroCanada and Norsk Hydro ASA, giving it a 4.9 pct stake in the offshore Hebron project. (Source: Forbes)

Aker Maritime Gets Contract

Norsk Hydro awarded a $108 million contract to Aker Maritime for construction of an oil drilling module. Aker will build the 5,500 ton module for the Grane North Sea oil platform. Work would start immediately and the module was scheduled to be delivered in May 2003.

Keppel Corp. Appoints New Director

Sven Bang Ullring has been appointed to the Board of Keppel Corp., effective July 1, 2000. Ullring has extensive experience in the field of engineering, having been involved in building numerous international industrial projects. He is also chairman of the Supervisory Board of Storebrand, a Norwegian insurance company and Norsk Hydro, a global Norwegian company engaged in oil and energy, light metals and fertilizers. A member of the Supervisory Board of ABB, Norway, Ullring also serves on the Board of Directors of Schlumberger Inc. New York.

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