Aker Bags Johan Castberg FPSO Concept Study

Aker Solutions has secured an order from Statoil (STO) to provide a concept study for a floating production, storage and offloading facility for the Johan Castberg oil field development in the Barents Sea.

The order is a call-off by Statoil on an engineering contract for Johan Castberg won by Aker Solutions (AKSO.OL) in 2013.

"We've worked with Statoil for two years on finding a cost-effective solution that will enable development of this strategically important oil field in northern Norway," said Per Harald Kongelf, head of Aker Solutions' Norwegian operations. "The costs have been significantly reduced and we look forward to continuing to work with Statoil to optimize this development."

The Statoil-operated Johan Castberg field is located about 240 kilometres north-west of Hammerfest.

The two parties agreed not to disclose the financial value of the contract, which will be booked as part of Aker Solutions' first-quarter order intake.