Aker Solutions Secures Subsea Services Agreement With Statoil

December 14, 2017

Aker Solutions secured a framework agreement to provide subsea services for Statoil-operated oil and gas fields offshore Norway.

The contract has a fixed period of five years, starting in the first quarter of 2018, and contains five four-year extension options. Its value depends on the amount of work ordered by Statoil under the agreement. This is currently estimated at about NOK 3 billion for the fixed period and will be booked in fourth-quarter orders.

The agreement provides work for Aker Solutions' services bases in Ågotnes on the west coast of Norway and Hammerfest, located on the country's northern tip.

"These contracts illustrate the strength of the subsea services presence we have built across Norway," said Aker Solutions Chief Executive Officer Luis Araujo. "We look forward to delivering to such a key customer as Statoil and playing a part in further building Norway's newest oil and gas region in the far north."

The contract scope covers subsea lifecycle services, including offshore installation and retrieval of equipment, maintenance, engineering and operations support.

Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 14,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values.

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

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

Aker Solutions press release