Aker Kvaerner & Venture in Innovative Subsea Deal

Aker Kvaerner has signed an innovative partnership agreement with Venture Production covering the provision, installation, commissioning and life of field support of subsea control systems.

The framework agreement with Aker Kvaerner Subsea signifies a new form of working relationship in subsea activity, bringing controls delivery and service into one contract arrangement to ensure maximum efficiency in supporting Venture's portfolio of offshore projects.

The partnership puts in place a system whereby Venture will receive faster delivery when required, compared to a one-off project contract basis.

"The combined agreement represents a new phase of our relationship with Venture in what is our key area of business," says Rémi Birkeland, Senior Vice President Controls, Aker Kvaerner Subsea. "In effect, it means that Venture can bring our services on stream at any time, at short notice, in support of individual projects, rather than doing so repeatedly on a project-by-project basis."

"It also means we are now working very closely with Venture on an ongoing basis, and that greater understanding of their business objectives and priorities serves to enhance our business offering to the relationship," continues Birkeland. "Aker Kvaerner now has a dedicated framework agreement manager in place who works closely with Venture in the define and refine phases prior to project kick-off, along with dedicated support on the service side. We expect to be supporting on average around six Venture projects annually."

Commenting on the news, Chris Bird, Venture's Field Development Manager said:

"We are delighted to announce this new partnership. This is a prime example of the kind of close, long-term partnership with a key supplier that we believe is essential for a strong North Sea development operator. Through this partnership Venture will have greater control over its operational program and we will be able to call upon the resources we need to complete key projects. This is particularly important at a time when oil equipment and services are in such tight supply. We are very pleased to be working closely with Aker Kvaerner." Subsea control systems represent Aker Kvaerner Subsea's primary area of activity in Aberdeen. During 2006 the business won orders worth in excess of US $300 million, all delivered out of its UK operations.