Aker Solutions Bags ConocoPhillips Contract
February 01 2016 - 12:35PM
Dow Jones News
By Kjetil Malkenes Hovland
OSLO--Norway's Aker Solutions ASA (AKSO.OS) said Monday it had
been awarded a contract worth up to 3 billion Norwegian kroner
($344.8 million) with ConocoPhillips (COP) for the maintenance of
oil and gas fields off Norway.
Aker Solutions said it would provide maintenance work at the
Ekofisk and Eldfisk fields in the North Sea for a period of five
years, with an optional three-year extension. The work had
previously been done by Aibel, an unlisted Norwegian
competitor.
The company estimated the contract value at between NOK1 billion
and NOK3 billion, depending on how much maintenance and
modification work it carries out.
The company was also awarded a contract to compete for complex
modifications on the fields, together with two other companies, it
said.
The award is a welcome shot in the arm for the oil-field
services company after the loss of a key maintenance contract with
Statoil ASA (STL.OS). Aker Solutions said last month that it may
shed up to 900 permanent jobs and cut three of its four regional
units in Norway after losing the contract amid tougher competition
in the oil-services sector.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
(END) Dow Jones Newswires
February 01, 2016 12:20 ET (17:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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