Aker Solutions Wins North Sea Contracts with Island Offshore

Norwegian oilfield services firm Aker Solutions announced Friday that it has won two contracts from Island Offshore to help the offshore services specialist provide well-intervention services to Statoil in the North Sea.

Statoil announced in late May that it had renewed contracts with Island Offshore for its riserless well-intervention vessels, Island Frontier and Island Wellserver, as part of a deal totaling $1.6 billion (NOK 9.4 billion) that also involved Eide Marine Services.
Friday's announcement confirmed that Aker will continue to deliver down-hole services from Island Frontier and Island Wellserver; Aker has provided such services from Frontier since 2006 and from Wellserver since 2009.
The two contracts are now valid from 2015, when the current contracts expire, and will run for up to nine years depending on whether two two-year extensions to the contracts are agreed.
Aker estimates that the deal will, in total, generate revenues of between $65 million and $82 million (NOK 400 million and NOK 500 million) during the initial five-year period of the new contracts.
"Through our cooperation with Island Offshore, Aker Solutions has become the world's most experienced provider of down-hole services through riserless light well intervention. To date we have together completed close to 200 interventions on subsea wells. We are thrilled to be able to continue our partnership with them," said Wolfgang Puennel, head of well intervention services in Aker Solutions, in a statement.


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