Subsea contracts signed

June 30, 2006, 01:00 CEST

Statoil has awarded a framework contract for subsea installations and associated call-off contracts to the Subsea 7-Acergy Consortium.

The consortium is a partnership between Acergy Norway AS and Subsea 7 Norway. The framework contract will cover all subsea installation work for Statoil in 2007 and 2008.

"We are very pleased with this framework contract, which will help secure vessel capacity for Statoil in a tight market", said Jon Østgaard, special coordinator in procurement, Statoil ASA.

So far, three contracts have been signed under the framework contract. The total value of the contracts is NOK 500 million.

The contracts are related to three projects on the Norwegian continental shelf. The first one, the satellite field Tyrihans in the Norwegian Sea, consists of all subsea installation work for Tyrihans except for the laying of large pipelines. This contract includes the installation of templates, manifolds and other structures, control umbilicals, electric cables, chemical lines, flexible lines as well as tie-in and testing. The work will mainly be carried out during 2008.

The second project, Tordis improved oil recovery (IOR) in the North Sea, includes the installation of a template for water injection. The work will be performed in the spring of 2007.

The third project, Yttergryta in the Norwegian Sea, is related to template installation. The work will commence in 2007.

Further projects relating to subsea installation work will be ordered as part of the framework contract as they are approved.