Aker Solutions has entered a long-term agreement with Statoil to provide a full range of heavy well intervention and light drilling services on the Norwegian continental shelf. The contract period is for eight years, with options for three further two-year periods (2+2+2). Contract value for the initial eight-year period is approximately USD 1.9 billion. Work will be performed from a new build Category B well intervention rig, which will be owned and operated by Aker Solutions' subsidiary Aker Oilfield Services.

"Aker Oilfield Services was set up five years ago to develop smart, cost-effective solutions for vessel-based intervention services. In 2009 we took full ownership of the company with the objective of using it as a vehicle to develop an integrated delivery model that fully capitalises on Aker Solutions' broad portfolio of oilfield products, systems and services, in order to create new business opportunities. This ability to bundle technology and expertise has proven to be a competitive advantage when bidding for this contract. It will involve deliveries from our oilfield service arm, engineering, drilling technologies, subsea and well intervention services," says Øyvind Eriksen, executive chairman, Aker Solutions.

"The Norwegian continental shelf is recognised world-wide for its high recovery rates. With the Cat-B initiative, Statoil and their partners is taking a quantum leap by taking a fully integrated approach to increasing recovery rates from subsea wells. We are pleased to support Statoil in the development of this new technology and innovative business model," adds Eriksen.

Tags: Aker Solutions