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Contract for Åsgard repairs

October 12, 2001, 15:00 CEST

On behalf of its partners in the licence, Statoil has entered into contracts with Stolt Offshore and Halliburton, on a joint venture basis, for repairs to the welds on the Norwegian Sea’s Åsgard field.

The contract, which is worth NOK 800 – 900 million, covers repair work and chartering of the MSV Regalia and Semi II rigs. In addition, Seaway Kingfisher will be hired as a support vessel.

According to Karl Kløvfjell, Statoil representative for the agreement, the contract covers repairs of 42 welds. The work now assigned will continue until 1 May 2002.

Statoil will provide more information about the repair work during October.