Statoil Exercises Options in Surface Management Contract

Statoil has exercised options in the current framework agreement with AGR Field Operations for surface management services. The extension has an estimated total value of NOK 40 million over a period of 12 months. This contract has an estimated value of 300 million including remaining options.

AGR Field Operations will provide Surface Management services including AGR's proprietary SOLV™ concept to all Statoil on - offshore installations in Norway and on the Norwegian Continental shelf, a total of 44 installations.

Åge Landro, Executive Vice President of AGR Field Operations commented, "This extension will allow us to continue the current relationship between AGR Field Operations and Statoil all across their operations in the North Sea region. We see the extension as a confirmation from Statoil that our products and services are valuable in the effective management of their assets."