Aker Solutions To Carry On Work On ConocoPhillips North Sea Assets

Aker Solutions To Carry On Work On ConocoPhillips North Sea Assets
ConocoPhillips has awarded yet another extension to Aker Solutions for maintenance and modification work on North Sea fields.

U.S. oil and gas supermajor ConocoPhillips has awarded yet another extension to Norway’s offshore engineering services provider Aker Solutions for maintenance and modification work on North Sea fields.

Aker Solutions said that it won a significant three-year contract extension to an existing framework agreement for work at North Sea fields operated by ConocoPhillips Skandinavia.

Although no precise price tag was announced, Aker Solutions defines a significant contract as worth between $160 million and around $264 million. The agreement runs from January 2024 until the end of 2026.

According to Aker Solutions, the engineering services provider explained that the contract value will be determined by future call-offs for maintenance and modifications work and could range between $53 million and $85 million per year. The company did remind that this estimate does not represent a minimum or maximum amount and is subject to change.

The original framework agreement between ConocoPhillips and Aker Solutions was inked in February 2016 for five years. In September 2020, Aker Solutions was awarded its first three-year contract extension.

"We are pleased to continue our longstanding relationship with ConocoPhillips and look forward to continuing to deliver our solutions and services to one of the largest maintenance and modifications portfolios offshore Norway," said Paal Eikeseth, executive vice president and head of Aker Solutions' electrification, maintenance, and modifications business.

The work will be managed and executed by Aker Solutions’ office in Stavanger and fabrication yard in Egersund, as well as providing work for the company’s offshore employees.

The contract will be booked as order intake in the second quarter of 2022 in the Electrification, Maintenance, and Modifications segment.

Regarding other Aker Solutions-related news, the service firm won a seven-year extension of its maintenance and modifications agreement with OKEA in March 2022.

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