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Hydro awards drilling contract worth NOK 400 million

January 18, 2005, 14:00 CET

Hydro has awarded a frame agreement valued at up to NOK 400 million for well completion services on Hydro operated fields. The contracts are awarded to Baker Oil Tools, Halliburton, Schlumberger and Peak Well Solution.

Baker Oil Tools has been awarded a frame agreement for so-called upper completion services on the Troll field in the North Sea. The contract also includes such equipment as safety valves, downhole packages, gas lift gear and intervention tools.

The other well service agreements are awarded to Schlumberger, Halliburton and Peak Well Solution. The contracts with Schlumberger and Halliburton entail perforation guns for all Hydro-operated fields, while the Peak Well Solution frame agreement is for casing plugs.

Total contract value for the deliveries is estimated at NOK 400 million. The duration of the contracts is three years with options to extend for five years.

The delivery of well services will start immediately and be integrated into Hydro's drilling plans.