Aker Solutions Secures Subsea Services Work for Statoil

Aker Solutions said it has secured a framework agreement to provide subsea services for Statoil-operated oil and gas fields offshore Norway.

The contract has a fixed period of five years, starting in the first quarter of 2018, and contains five four-year extension options. Its value depends on the amount of work ordered by Statoil under the agreement.

This is currently estimated at about NOK 3 billion ($361,000) for the fixed period and will be booked in fourth-quarter orders.

The agreement provides work for Aker Solutions (AKSO.OL)' services bases in Ågotnes on the west coast of Norway and Hammerfest, located on the country's northern tip.

The contract scope covers subsea lifecycle services, including offshore installation and retrieval of equipment, maintenance, engineering and operations support.