Stolt Offshore Awarded Repair Contracts in Norway

Stolt Offshore announced the award of two contracts to the Stolt Halliburton Joint Venture for pipeline repairs in Norway. One of these is from Statoil and the other from Norsk Hydro. This joint venture was originally formed in 1995 for servicing the Statoil Hyperbaric Welding and Diving Services Contingency Contract and renewed in July 2000 for five years.

The first contract is for pipeline repairs on the Aasgard field for Statoil and is valued at $100 million. Ships owned by both Stolt Offshore and Halliburton Subsea will be used on this project which commences in mid October and is expected to be completed in April 2002.

The second contract is for pipeline repairs on the Tune field pipeline for Norsk Hydro and is valued at $6 million. This contract will use the pipeline repair system owned by the Statpipe License and the Oseberg Transporation System and administered by Statoil. The repair program will be undertaken in parallel with the Asgard field repair work.

Bernard Vossier, Chief Executive Officer said "These complex deepwater contracts make good use of the combined construction fleets that both Stolt Offshore and Halliburton operate in the North Sea. Our joint venture has a proven track record of providing high quality construction, repair and contingency services to Statoil, Norsk Hydro and Esso." Mr Vossier concluded.


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