Aker Solutions awarded global frame agreement with Shell
11 December 2012 - The international oil services provider Aker Solutions has signed a frame agreement with Shell for the delivery of subsea umbilicals and cables globally.
The size of the frame agreement is dependent on call-offs and the number of projects that Shell decides to execute. However, Aker Solutions estimates that the frame agreement could generate revenues between USD 200 and USD 400 million. Order intake will be booked whenever the specific contracts are signed.
The Enterprise Framework Agreement (EFA) with Shell is signed for the duration of five years with an option for an additional five years. Aker Solutions will deliver dynamic and static steel tube umbilicals for both shallow and deepwater applications.
The EFA has a global scope. Shell's subsea projects are primarily focused on the Norwegian continental shelf, UK, Gulf of Mexico, West-Africa and Brazil.
"We look forward to safeguard Shell's valuable assets and contribute to their production success globally. Aker Solutions has developed market-leading umbilicals technology, proven to provide the widest range of functionality. We are extremely pleased and honored by this award," says Tove Røskaft, head of Aker Solutions' umbilicals business.
The umbilicals and cables will be manufactured and delivered out of Aker Solutions' facilities in Moss, Norway and Mobile, Alabama, supported by project management, design and engineering in Fornebu, Norway and the Mobile office.
Subsea umbilicals are deployed on the seabed to supply necessary control and chemicals to subsea oil and gas wells, subsea manifolds and any subsea system requiring a remote control.
Over the past 15 years Aker Solutions has delivered more than 400 umbilicals to some of the world's most challenging fields, from harsh environment to ultra-deep, high-pressure reservoir conditions.
ENDS
For further information, please contact:
Media:
Severin Roald, Vice President Communications, Aker Solutions. Tel: +47 22 94 55 23, Mob: +47 92 03 00 33, E-mail: severin.roald@akersolutions.com
Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 91 13 71 94, 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.
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