BP has decided to extend the maintenance and modification contract with Aker Solutions, exercising an option in the existing agreement for the Ula, Valhall, Skarv, Hod and Tambar fields. Work under the extended contract will last until April 2014, and the contract value is estimated to be in the range of $140 to $210 million (NOK 0.8 to 1.2 billion).
The original maintenance and modification contract was signed in 2005.
"We are very pleased that BP, a key player on the Norwegian continental shelf, renews its trust in our services. This extension ensures the basis for continued development of our relationship with BP," said head of Aker Solutions' maintenance, modifications and operations business, Tore Sjursen.
Scope of work under the contract includes maintenance support services and brownfield modification projects covering engineering, procurement, fabrication and offshore installation. The contract currently employs approximately 200 people in Stavanger, 20 in Egersund and 300 in offshore rotation.
Maintenance and modifications work will help to increase oil recovery rate and extend the life of BP's fields. BP Norway's largest field, Valhall, which came on stream in 1982, is expected to produce until 2050, even though it is one of the oldest fields on the Norwegian continental shelf.
"Aker Solutions is also proud to be the modification services provider to BP's great new Skarv development off the coast of Nordland. This is an important contract for the build up of our activities in Sandnessjøen," said Sjursen.
Contract parties are Aker Solutions MMO AS and BP Norway AS.
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