Statoil Signs Deal with FMC Kongsberg for New Technology

Statoil has signed an agreement with FMC Kongsberg Subsea to provide equipment and services for TTRD - Through Tubing Rotary Drilling/ Completion and Well Intervention. The services will be provided by FMC Production Services, a sister company to FMC Kongsberg Subsea. The contract is for a two-year period, with an option for six more years beyond that.

The new technology developed by FMC and Statoil, is an important building block in recovering more oil from subsea wells and will contribute to Statoil's efforts in increasing the recovery rate from its North Sea subsea fields.

The technology can also be applied on subsea fields outside of the North Sea and can increase the recovery rate from subsea wells worldwide. FMC expects great interest internationally in the TTRD Technology.

"The agreement represents a breakthrough for this new technology " said Tore Halvorsen, Managing Director - FMC Kongsberg Subsea: "This reflects our success in developing new technology that increases oil recovery rates from subsea wells, as well as the strength of our relationship with Statoil."