Beerenberg Won a Large New Service Contract

Source: 3/26/2024, Location: Europe

Beerenberg has signed a six-year service contract with ConocoPhillips Skandinavia AS. The contract has two options of up to three years each.

The contract covers Insulation, Scaffolding and Surface Protection services (ISO) at North Sea fields operated by ConocoPhillips Skandinavia AS. The commencement is planned for Q2 2024.

"We are humble and excited to be given the opportunity to provide a wide range of high-quality services. With this contract we strengthen our position in the Norwegian continental shelf market, broaden our operation in Stavanger and create additional opportunities for our employees and partners,” says CEO Arild Apelthun in Beerenberg.

The contract is defined as a large contract (3).

(1) A sizeable contract is defined to be between NOK 50 million and NOK 100 million.
(2) A substantial contract is between NOK 100 million and NOK 200 million.
(3) A large contract is over NOK 200 million.

The contract value will be determined by future call-offs for ISO work over the next six years. The value is therefore uncertain and currently estimated to be in the range between NOK 200 and NOK 300 million annually. The range does not represent a minimum nor maximum amount but serves to illustrate our currently estimated range.

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