Odim Enters Deal with Aker Oilfield Services for Deepwater Equipment

ODIM has entered into a contract with Aker Oilfield Services for delivery of a tower and module handling system for deepwater installation. The contract value for ODIM is worth NOK 100 million. The delivery of the deepwater system will take place in second quarter 2009.

The contract with Aker Oilfield Services includes delivery of an automated module handling system featuring a handling tower, moon pool hatches, cursors, skidding arrangement and control systems. The systems will be installed on a Subsea Equipment Support Vessel (SESV) for Aker Oilfield Services.

In August, ODIM secured a contract with Aker Oilfield Services to deliver a 125-ton ODIM CTCU-system. This ODIM CTCU will be a part of the topside automated module handling system for Aker Oilfield Services Subsea Equipment Support Vessel, and together the two contracts constitute a system value of approximately NOK 160 million for ODIM.

"With this new contract we are bringing the deepwater system deliveries from ODIM up to a new level. Combining our unique ODIM CTCU-technology with the competence from the newly acquired ODIM JMC, we can offer our customers more complete topside solutions into a market with a substantial potential. With fewer big discoveries and more petroleum exploration in deep water, the deepwater installation segment is expected to expand substantially in the years to come', says Kjetil Leine, Senior Vice-President for Mooring & Deepwater Installation in ODIM.

Aker Oilfield Services has earlier announced entering into a 5 + 5 year contract with Petroleo Brasileiro - Petrobras featuring a deepwater Subsea Equipment Support Vessel. The SESV concept was initially incepted by Petrobras and further developed by Aker Oilfield Services for operations in up to 2.000 meters water depth, undertaking a broad range of services related to subsea equipment intervention - traditionally performed by deepwater drilling rigs.

"Our success in securing the world's 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', says Per-Ola Baalerud, president & CEO of Aker Oilfield Services.

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.