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Maintenance and modification contracts extended

July 24, 2006, 15:00 CEST

Statoil has extended three contracts for maintenance and modification on platforms operated by the group on the Norwegian continental shelf. The contracts have a total value of NOK 3.6 billion.

This is a two-year extension, lasting until March 2009. It is the first option exercised on the contract signed in March 2002.

Aker Kværner Offshore Partner’s maintenance and modification contract for the Tampen area in the North Sea is thus extended. The contract is worth NOK 2 billion.

Also Vetco Aibel’s contract for the Troll/Sleipner area in the North Sea and the process plant at Kollsnes in Western Norway is extended. The value of the contract is some NOK 800 million.

Aker Reinertsen will maintain the responsibility for maintenance and modification in the Halten/Nordland area of the Norwegian Sea. Also this contract is worth about NOK 800 million.

”Good and close collaboration with the maintenance and modification suppliers is of great importance to Statoil. The three suppliers have performed well with regard to efficiency and safety,” says Terje Overvik, executive vice president, Exploration & Production Norway.

The maintenance and modification contracts will initially last until the end of February 2007, with an option for three additional 2-year periods.