Aker Solutions Wins North Sea Contracts with Island Offshore

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Statoil announced in late May that it had renewed contracts with Island Offshore for its riserless well-intervention vessels, Island Frontier and Island Wellserver, as part of a deal totaling $1.6 billion (NOK 9.4 billion) that also involved Eide Marine Services.

 

Friday's announcement confirmed that Aker will continue to deliver down-hole services from Island Frontier and Island Wellserver; Aker has provided such services from Frontier since 2006 and from Wellserver since 2009.

 

The two contracts are now valid from 2015, when the current contracts expire, and will run for up to nine years depending on whether two two-year extensions to the contracts are agreed.

 

Aker estimates that the deal will, in total, generate revenues of between $65 million and $82 million (NOK 400 million and NOK 500 million) during the initial five-year period of the new contracts.

 

"Through our cooperation with Island Offshore, Aker Solutions has become the world's most experienced provider of down-hole services through riserless light well intervention. To date we have together completed close to 200 interventions on subsea wells. We are thrilled to be able to continue our partnership with them," said Wolfgang Puennel, head of well intervention services in Aker Solutions, in a statement.

 

 

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Company: Statoil	more info
Operates 3 Offshore Rigs  - Statoil Completes Tanzania Farm-In (May 24)  - Statoil Sets Eyes on GOM to Help Increase Production Growth (May 17)  - Petrobras BP, Among Winners in Brazil's 11th Bidding Round (May 16)

Company: Island Offshore	more info
- Aker Solutions Wins North Sea Contracts with Island Offshore (Jun 8)  - StatoilHydro Taps Island Wellserver for North Sea Well Intervention (Apr 16)  - Cosco Shipyard Safely Completes Island Innovator Semisub (Feb 12)

Company: Aker Solutions	more info
- Aker Appoints New VP for Subsea Greenfield Projects (May 14)  - Offshore Canada Contract for Aker (May 10)  - Aker Boosts Order Book to All-Time High (May 8)