BP Awards EPCI Contract to Heerema

On behalf of the Valhall partnership BP, as operator, has issued a letter of intent to Heerema Tonsberg for the engineering, procurement, construction and installation (EPCI) of one wellhead platform with an additional one wellhead platform as an option to be declared by the Valhall partnership before 1st June 2002. The value of this contract including the option is NOK 1000 million.

Heerema T√łnsberg won the contract in competition with three other companies, Kvaerner, Aker and Reinertsen Engineering based on price; technical solution and quality; and the way in which the bid meets health, safety and environmental requirements.

Total investments for the development of the southern and northern flanks are estimated at NOK 4.2 billion. The development of the northern flank platform is dependent upon sufficient export capacity.

The Valhall flanks development increases the recoverable reserves in the field by 127 million barrels of oil equivalent.

License partners in the Valhall Unit are BP as operator with 28.09%; Amerada Hess with 28.09%; Enterprise Oil with 28.09% and TotalFinaElf holding the remaining 15.72%.