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Aker Solutions awarded wireline tractor agreement with Statoil


October 1, 2012 - London

1 October 2012 - Aker Solutions has been awarded a four-year frame agreement from Statoil for delivering wireline tractor services on the Norwegian continental shelf.

The frame agreement is valid for four (4) years from 2013 to 2017, with two additional two-year options (2+2). Aker Solutions will deliver well intervention services using its proprietary wireline tractor technology and wireline tractor application tools.

Under the agreement Aker Solutions will deliver wireline tractor services to the platforms that Statoil operates out of Stavanger, Norway, including Statfjord, Volve, Sleipner, Snorre, Gudrun, Dagny and Ermintrude. The company will also provide wireline tractor services to the following fields in the Norwegian Sea: Morvin, Åsgard, Trestakk, Kristin, Heidrun, Norne, Njord, Tyrihans, Mikkel, Yttergryta, Alve, Urd, Aasta Hansteen, Snøhvit and Hyme.

Aker Solutions estimates that the firm part of the frame agreement will generate revenues in excess of NOK 100 million per year.

In addition to the fixed awarded scope, the contract carries an option to deliver wireline tractor services from mobile drilling and light well intervention units operating out of Stavanger, on contract with Statoil.

"Statoil already has a recovery rate of 50 percent on their fields. They now have an ambition of increasing that to 60 percent. Both these figures are quite remarkable. We look forward to continue supporting Statoil in reaching their ambitious recovery rate target," says Wolfgang Puennel, head of well intervention services in Aker Solutions.

Aker Solutions has delivered wireline tractor services to Statoil since 1996. The wireline tractor can push well intervention equipment several kilometres along highly deviated and horizontal wells. It has eliminated the need for more heavily equipped and costly well conveyance methods, thereby significantly reducing both operational costs and HSE risk.

"Statoil's ability to reach industry-leading recovery rates of oil and gas is supported by their willingness to utilise technologies such as the wireline tractor. Our role as a technology and service provider is to provide highly qualified offshore personnel and reliable products. We have been doing that for many years and will continue to do so under this new contract," says Rolf Leknes, head of Aker Solutions' Scandinavian well service business.

Aker Solutions will manage the agreement from its global centre of excellence for wireline tractor services at Forus, Stavanger, Norway.

Aker Solutions' contract party is Aker Well Service AS.

ENDS

For further information, please contact:

Media:
Endre Johansen, VP Corporate Communications, Aker Solutions. Tel: +47 22 94 58 91, Mob: +47 416 10 605, E-mail: endre.johansen@akersolutions.com

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194, E-mail: lasse.torkildsen@akersolutions.com

Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.

Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 25 000 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers' solutions.

Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.





This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Aker Solutions ASA via Thomson Reuters ONE

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