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Release of Option Under Statfjord Latelife Contract

Aker Solutions StatoilHydro has exercised the Phase 3 option for modification of the Statfjord B&C topsides with Aker Solutions. The option represents a continuation of the Statfjord Latelife project executed by Aker Solutions at present. Contract value is NOK 1 100 million.

"By exercising this option StatoilHydro shows its satisfaction with the services we have provided in connection with the first two phases of the strategically important Statfjord Latelife project", says Nils Arne Hatleskog, executive vice president in Aker Solutions with responsibility for all the new build developments and maintenances and modifications operations.

Aker Solutions was awarded the Statfjord Latelife contract on 15 April 2005, covering topside modification of the Statfjord B and C platforms for conversion from oil production to production of the gas re-injected throughout the oil production period. The phase 3 covers installation of electrical submerged pumps, replacement of flowlines, re-completion of wells and gas lift facilities. Additional scope might be called off under the option. Pre-engineering activities covering the scope under the phase 3 option is undertaken by Aker Solutions at present. Completion of the project will be in 2011.

Execution of EPCI modification projects is core business to Aker Solutions in the maintenance, modifications and operations business segment. Aker Solutions has developed an project execution model securing efficient and reliable performance of projects. Close relationship and cooperation with our clients under such contracts creates a unique environment for establishment and delivery of optimal services to our clients and their operating assets. Contract party is Aker Offshorepartner AS.

Posted 23/12/08

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