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Aker Kvaerner and Statoil Sign Frame Agreement

Source: www.gulfoilandgas.com 8/24/2007, Location: Europe

Aker Kvaerner has signed a letter of intent with Statoil ASA to enter a five-year frame agreement for the delivery of subsea production systems and related operational services. The agreement will make Aker Kvaerner to deliver complete subsea solutions to Statoil's new field developments as well as additional equipment to new and existing fields. The frame agreement for aftermarket services is valid for new fields.

The agreement for delivery of subsea production systems is awarded for a five year period with an optional period of two (2) x two (2) years. The contract for operational services will run for five years.

The extent of the frame agreement is first and foremost to cover Statoil's needs on the Norwegian continental shelf. However, the agreement can also be made applicable to field developments in other areas of the world.

The contract between Statoil and Aker Kvaerner is expected to be signed - and made effective - in the second half of September 2007.

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