Aker Wins Hook-Up Deal for Johan Sverdrup Field

Aker Solutions won a contract from Statoil (STO) for the hook-up of the riser platform for the Johan Sverdrup field, Norway's largest offshore development in the past three decades.

The company will work closely with subcontractor Kvaerner (KVAER.OL) on joining together the platform's seven modules, which will be transported to Norway in the second quarter of 2018. The scope also covers planning, management and prefabrication.

The contract value is approximately NOK 900 million and will be split about equally between Aker Solutions (AKSO.OL) and Kvaerner. Aker Solutions' share will be booked in its first-quarter orders.

"We're very pleased to continue supporting Statoil in driving forward this giant development, which will be of major importance to Norway for decades to come," said Luis Araujo, chief executive officer of Aker Solutions.

The work starts in February and will initially involve about 100 people from Aker Solutions, Kvaerner and Statoil, rising to as many as 1,000 people at its peak next year. It will be carried out mainly in Stavanger and offshore. Kvaerner will work closely with Aker Solutions and contribute to all parts of the project delivery.

"We look forward to teaming up with Kvaerner to deliver on this next milestone step and together work with Statoil to find the best possible solutions for this major development," said Knut Sandvik, head of projects at Aker Solutions.

The agreement also contains hook-up options for the field's processing and living quarter platforms, which are scheduled to be installed in 2019.