Options Released for Work on Statoil Platforms

Statoil released two-year options for maintenance and modification work on its Norwegian offshore installations in the Tampen area to Aker Kvaerner Offshore Partner AS, and on the Halten/Nordland area to Aker Reinertsen AS. The contract value is $32m and $127m respectively on the options until 2009. The original contract for maintenance and modification work on all Tampen and Halten/Nordland platforms was awarded in 2002 with expiry in February 2007. Options for continuation of the work in three periods, each of which are two years in length, were included in the contracts. It is the first of these options which is now released. Aker Reinertsen is owned equally by Aker Kværner Offshore Partner and Reinertsen. The company is located in Trondheim and perform all maintenance and modification work on the platforms at the Halten/Nordland area.