Statoil Extends Karsto Maintenance Contracts

Options worth NOK 880 million to extend two frame contracts for maintenance and modification (M&M) work have been exercised by Statoil on behalf of the Gassled owners and operator Gassco.

Covering 2007-08, these extensions relate to agreements with Vetco Aibel and Veidekke at the Karsto processing plant north of Stavanger and on the Draupner riser platforms in the North Sea.

Vetco Aibel's frame contract was awarded in January 2002. The option now exercised is the first of three possible two-year extensions and has a value of roughly NOK 750 million.

The agreement covers M&M work in mechanical, electrical, instrumentation and automation disciplines at Karsto and on Draupner.

Worth NOK 130 million in all for the next two years, the Veidekke option covers M&M on buildings and plant at the Karsto facility.

The original contract was also placed in 2002. Since the present option is the only one provided for, the agreement will terminate in 2008.

"Good collaboration with suppliers in the M&M field is very important for us," says Kjetil Ohm, vice president for Karsto. "Our experience with these two contractors has been good so far."

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