Statoil Awards Asgard Repair Contracts

On behalf of its partners in the license, Statoil has entered into contracts with Stolt Offshore and Halliburton, on a joint venture basis, for repairs to the welds in the Norwegian Sea's Asgard field.

The contract, which is worth NOK 800 – 900 million, covers repair work and chartering of the MSV Regalia and Semi II rigs. In addition, King Fisher will be hired as a support vessel. The contract covers repairs of 42 welds. The work now assigned will continue until May 1, 2002.