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Contract awarded to Halliburton AS

August 10, 2006, 15:00 CEST

Hydro has entered into a contract with the company Halliburton AS regarding delivery of equipment and services for carrying out coiled tubing operations on the Norwegian continental shelf. The framework agreement is valid for all Hydro-operated offshore installations.

The value of the contract is estimated at NOK 150 million over a three-year period, with the opportunity to extend the contract for up to six years, divided into three two-year periods. The contract is scheduled to commence on September 1, 2006.

The service includes delivery of standard coiled tubing operations, stimulation, pumping, and nitrogen operations, in order to carry out maintenance work and interventions on all Hydro-operated wells.

Halliburton is not currently an established supplier of coiled tubing services on the Norwegian continental shelf. The company will now establish a base for coiled tubing services of this kind in Bergen with support from Stavanger and Aberdeen in Scotland."