Aker Signs Sub-Surface Frame Agreement with Statoil

Aker Solutions' geo business has signed a three-year frame agreement with Statoil to supply sub-surface consultancy services within the areas of production geology, exploration geology and reservoir technology. Contract value is undisclosed. The agreement is valid a period of three years, from 1 March 2010. In addition, Statoil has options to extend the agreement with two one-year periods. The agreement is valid to cover Statoil's assets worldwide.

"This is a significant contract for us, with an important oil company who we share a great deal of history with," says Erik Sverre Jenssen, president of Aker Solutions' geo business.

"We are one of the largest sub-surface consultancy businesses on the Norwegian continental shelf (NCS), and this contract both confirms our competitiveness and is a recognition of our competence. As a result, we will probably be looking at expanding our capacity within the market segments the contract covers," adds Jenssen.

Aker Solutions' sub-surface consultancy Aker Geo AS delivers services through the whole subsurface value chain, from exploration to production. The unit comprises a team of 60 geologists, geophysicists and reservoir engineers. Its main fields of activity are geological and geophysical interpretation, petrophysics, reservoir modelling and simulation, wellsite geology as well as production technology and operations. Aker Solutions' contract party is Aker Geo AS.