The first contract includes diving, pipeline repair, contingency and modification services in Norway. Its total value is estimated to be €515 million (NOK 4 billion) including options. The actual value will depend upon the client's subsea requirements.
A new Technip office in Stavanger (Norway) will carry out the main project management and engineering works related to contingency for pipeline repair work, planned maintenance, modification and subsea installation using manned or remote operated methods.
The second contract, valued at around €52 million (NOK 400 million), options included, comprises maintenance and preparation of equipment utilized for pipeline repair services.
The contract will be carried out by a consortium (60%/40% respectively) between Technip's affiliate in Oslo (Norway) and DeepOcean from Killingøy Offshore Base in Haugesund (Norway).
Both contracts go into effect on January 1, 2007 and last for 5 years, with options for 3 one-year extensions.
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