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Maintenance and modifications contracts for Hydro's platforms

May 31, 2006, 01:30 CEST

Hydro today awarded Maintenance and Modifications (M&M) contracts for the company's North Sea platforms and the Sture terminal. The assignments have an estimated total value of NOK 600 million.

Vetco Aibel AS has been awarded the contract for maintenance and modifications work on Hydro’s Oseberg East and Oseberg C platforms.

Reinertsen AS has been awarded the M&M contract for the Sture terminal and the Grane platform. Both Vetco Aibel and Reinertsen currently hold similar contracts for other Hydro offshore installations. The contracts were signed in Bergen on 31 May.

Sørco AS and Fabricom AS were awarded frame agreement contracts for major  modification work on all Hydro North Sea platforms and Sture terminal. The assignments covered by these contracts will allocated on a competitive basis.

In addition to Sørco and Fabricom, these competitive  tenders will also include, Vetco Aibel, Reinertsen and Aker Kværner Offshore Partner, who have already signed similar agreements with Hydro. Sørco and Fabricom have not previously held this type of frame agreement with Hydro.

All the contracts entered into will have a duration of three years from 1 July  2006, with an option to extend this period by a further three years.