Aker Solutions to deliver engineering and fabrication services to Kvaerner's Edvard Grieg contract

Thu, May 03, 2012 15:30 CET Report this content

3 May 2012 - Kvaerner ASA has today announced its intent to use Aker Solutions as a sub-contractor for its engineering, procurement and construction (EPC) contract for the topside for the Edvard Grieg platform (formerly Luno). The field is operated by the Swedish oil and gas exploration and production company Lundin.

Aker Solutions will deliver design engineering and procurement services from the company's offices in Oslo, Norway and Mumbai, India, with support from Kvaerner.

Fabrication and assembly of the 4 500 tonne process module will be conducted by Aker Solutions' yard in Egersund. Detail engineering will begin instantly, while fabrication is expected to commence in 2013.

When finalised, the sub-contracts to Kvaerner is expected to represent approximately NOK 1.5 billion in revenues for Aker Solutions.

"The combined strength of Kvaerner and Aker Solutions for a field development task like this on the Norwegian continental shelf is second to none. We will combine four decades of engineering, execution and fabrication experience to deliver this project," says Valborg Lundegaard, head of engineering in Aker Solutions.

Aker Solutions became involved in the Edvard Grieg field development more than one year ago, as a provider of front-end engineering design services to Lundin.

First production in 2015
The Edvard Grieg field is an oil field located in the North Sea. First production is expected in late 2015, with a forecast gross peak production of approximately 90,000 barrels of oil per day (bopd).

The oil will be processed and transported in a new pipeline to the Grane area and further via the Grane oil pipeline to the Sture terminal for sale. Lundin Norway AS is the operator and has a 50 per cent working interest in the Edvard Grieg field. Wintershall and RWE Dea hold a 30 per cent and a 20 per cent interest, respectively.

For more information about the Kvaerner contract and the Edvard Grieg field, please see www.kvaerner.com or www.lundin-petroleum.com.

Media:
Geir Arne Drangeid, Chief Communications Officer, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 913 10 458.

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions ASA. Tel: +47 67 51 30 39, Mob: +47 911 37 194.

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 23 500 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 information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.