Statoil Extends Contract with Maritime Well Service

Statoil extends its frame agreement with Aker Kvaerner for wireline services. The two-year extension is the first of two options in the frame agreement contract. The extension is valued at approximately NOK 480 million.

The contract covers wireline, well tractor services and plugging services at the Tampen, Haltenbanken and the Barents Sea areas at the Norwegian continental shelf.

"We are very pleased to receive an extension of the contract for well services for Statoil. It will contribute to maintain our strong market position in the North Sea, and continue our good relations with Statoil," says Ole Petter Thomesen, President of Maritime Well Service, the Aker Kvaerner unit responsible for the contract.

The extension to the contract will be reported as order intake in first quarter of 2005.