Aibel Secures $180 Million StatoilHydro Contract

Aibel AS has signed a contract with StatoilHydro for area preparation, installation and integration of new living quarters modules on the Troll A platform. The new modules will increase the bed capacity on the platform by 150 and will also include a new central control room and kitchen.

The contract has an estimated value in the region of USD 180M.

Aibel's president and CEO, R. Rasmus Sunde comments: "This contract award is significant to us in terms of both its value and its endorsement of our qualifications for complex installation and modification commissions of this kind. We have been involved with this platform now for over ten years under an on-going maintenance contract and this new commission acknowledges our experience and knowledge while strengthening our reputation for this kind of task. This is clearly an advantage for us as we continue to grow locally in the North Sea area as well as in selected other global regions."

The modules will be fabricated under a separate EPC contract with Leirvik Module Technology of Stord, Norway. This contract was awarded by Statoil in April 2007.

The modules shall be ready for operation in 2011 in connection with projects for scheduled development of the production capacity on Troll A.

The engineering work will be carried out at Aibel's offices at Strand in Oslo with fabrication to take place at Aibel's own yard in Haugesund on the west coast of Norway. Peak manning will involve around 350 people. Mobilization for the offshore-work will start autumn/winter 2008/2009.