Stolt Offshore Awarded North Sea Contracts

Stolt Offshore has been awarded three contracts for its Northern Europe and Canada Region valued together at approximately $90 million.

A $30 million contract has been awarded for the tie-in of various subsea valves and structures in the Norwegian sector of the North Sea. The offshore work will take place in 2006.

A $25 million contract has been signed for pipelay and construction work in the Danish Sector of the North Sea involving the installation of one 12- inch diameter pipeline of 18km in length together with a power cable.

A contract valued at approximately $35 million has been signed for the tie-in and commissioning of various pipelines to manifolds, platforms and subsea isolation valves and the installation of in-field pipelines in the UK sector of the North Sea.

The installation work on the latter two contracts will be undertaken by the Seaway Falcon in 2005.

Oyvind Mikaelsen, Vice President Northern Europe and Canada Region said "These three awards reinforce our pre-eminent position as a leading contractor in all national sectors of the North Sea. In its maturity, the North Sea continues to provide substantial, complex and high value engineering and construction opportunities."

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