Aker Solutions Awarded Troll extension

Press Release September 28, 2012

International oil service group Aker Solutions has been awarded a contract by Statoil to deliver three subsea trees, tubing hangers and a tool package to the Troll field on the Norwegian continental shelf. Estimated contract value is NOK 250 million.

The extension is a call-off from a contract signed with Statoil in February 2012. The spare tubing hangers will be utilized on several parts of the Troll field.

The Troll field is the world's biggest subsea development with regards to the number of subsea wells. Last year, Aker Solutions reached a major milestone in delivering the 100th subsea tree to the Troll field. The Troll contract awards and deliveries have helped shape and develop Aker Solutions' subsea business.

"Troll represents a cornerstone of Norway's offshore oil and gas production with Aker Solutions being involved since 1996. We look forward to executing this contract and assisting Statoil to realise all of the opportunities on the Troll field," says Alan Brunnen, executive vice president of Aker Solutions' subsea business area.

Troll is located in the northern part of the North Sea, approximately 65 kilometres west of Kollsnes, near Bergen in Norway. The field contains 40 per cent of the total gas reserves on the Norwegian continental shelf and is also one of the largest oil fields on the continental shelf. Under this contract, Aker Solutions will deliver equipment to the oil section of Troll.

Earlier this year, the company announced a NOK 500 million investment which is set to double the capacity of its manufacturing plants in Port Klang and Tranby, Norway.

A subsea tree is a key technology enabling oil and gas production directly from a subsea well to a processing facility. The tree is essentially an advanced set of valves and is used together with associated technologies to control the well flow. The subsea tree is an integral part of a subsea production system.

A tubing hanger is a component used in the completion of oil and gas production wells. It is set in the subsea tree and suspends the production tubing. A tool package is the tool box used to install, modify or retrieve subsea equipment.