Aker Contract Earns U.S. $350 Million

Aker Oilfield Services has entered into a 5 + 5 year contract with Petroleo Brasileiro-Petrobras featuring a deepwater Subsea Equipment Support Vessel (SESV).

The contract, to commence late 2010, has a value of U.S. $350 million for the initial five years with potential for increased revenues from additional services.

"Our success in securing the worlds first deepwater SESV contract with Petrobras can be attributed to our company’s and partner’s unique ability to configure services integrating advanced maritime operations and high-tech subsea solutions," said Per-Ola Baalerud, president and CEO of Aker Oilfield Services.

The SESV concept was initially incepted by Petrobras and further developed by Aker Oilfield Services for operations in up to 2,000 meters of water, undertaking a broad range of services related to subsea equipment intervention, which have been traditionally performed by deepwater drilling rigs.

The Petrobras SESV vessel currently under construction has been chartered from DOF Subsea ASA and is based on the Aker OSCV 03 design. It comprises new solutions developed by Aker Oilfield Services for effectively handling, testing, retrieving and installing subsea x-mas trees and related equipment in a safe and efficient manner in a challenging operating environment. Equipment and personnel for the SESV will, in addition to the company’s own resources, be delivered by Aker Kvaerner Subsea, Norskan and Odim.