New Kristin contracts

March 5, 2002, 10:45 CET

Operator Statoil has awarded two contracts with a combined value of around NOK 85 million for the development of the Kristin gas and condensate field in the Norwegian Sea.

Saipem UK has won the contract for the installation of subsea templates, worth about NOK 30 million, while Baker Oil Tools will supply completion equipment to the tune of around NOK 55 million.

In spring 2002 a contract will be entered into for the hire of a drilling rig. A further rig will be hired later.

In the course of this spring and summer, contracts will also be awarded for the construction of accommodation modules and steel hull for the floating production platform on the field, which will produce from 12 subsea wells.

The total investment for the development of the Kristin field is estimated at NOK 17 billion. So far, contracts to the value of over NOK 6 billion have been awarded.

Kristin will come on stream on 1 October 2005.