Statoil Awards Sigyn Contracts

Statoil has signed contracts worth about NOK 287 million for development of the Sigyn gas and condensate field in the North Sea.

Statoil, which has a 50 percent interest in the development, signed the contracts on behalf of the licensees in the ExxonMobil operated field. FMC Kongsberg Subsea will be responsible for engineering and construction of the subsea production systems which comprise seabed installations, control systems, Christmas trees and well heads. This contract is worth about NOK 210 million.

Reinerstsen Engineering was awarded the contract for engineering of the pipeline system. This is worth NOK 7 million. Itochu/Kawasaki will deliver material for two pipelines which are to connect the seabed installations on Sigyn with the Statoil operated Sleipner A platform. Both of these lines will be 12.5 kilometers in length. The contract is valued at roughly NOK 70 million.

The field's licensees recently submitted a plan for development and operation (PDO) to the Ministry of Petroleum and Energy. The contracts contain a clause to cover cancellation costs if the PDO does not receive approval by the authorities. Plans call for Sigyn to come on stream in the first quarter of 2003. The field is expected to produce for 10 years.

In addition to Statoil, the licensees in Sigyn are ExxonMobil with 40 percent and Norsk Hydro with 10 percent.


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