20 June 2011 - Aker Solutions has secured a contract for subsea compression topside modifications of the Åsgard A and B platforms with Statoil. The contract value is approximately NOK 650 million.

 

The purpose of the modification is to supply electricity to the Åsgard subsea compressor units, which will be installed in 2013. In December 2010 Statoil awarded Aker Solutions the NOK 3.4 billion contract to develop the world's first full scale subsea compression system.

Scope of work includes building and installing an 800 tonne new module and integration work on the Statoil-operated Åsgard A and B platforms in the North Sea. The work will be executed as an engineering, procurement, construction and installation contract (EPCI).

Design and procurement work will start immediately and fabrication work is planned to start October 2011, with a scheduled delivery in Q4 2014.

"This award further strengthens Aker Solutions' partnership with Statoil in the development of groundbreaking subsea compression technology," says executive vice president for Maintenance, Modifications and Operations in Aker Solutions, Tore Sjursen.

The project will be managed from Aker Solutions' offices in Trondheim and executed as a joint effort between Trondheim and Egersund.

Contract parties are Aker Solutions subsidiary Aker Offshore Partner AS and Statoil ASA.

 

ENDS

For further information, please contact:

Media:

Cathrine Gjertsen, Communications advisor, Aker Solutions. Tel: +47 99 49 25 37, E: cathrine.gjertsen@akersolutions.com

Investor relations:

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. 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 ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil services company that provides engineering and construction services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.

Aker Solutions' parent company is Aker Solutions ASA.  Aker Solutions has aggregated annual revenues of approximately NOK 47 billion and employs approximately 20 000 people in about 26 countries. These figures include Aker Solutions' wholly owned subsidiary Kvaerner, which will be de-merged and listed on Oslo Stock Exchange in July 2011.

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.