Statoil Extends Norwegian Contracts with Baker Hughes

Statoil has awarded Baker Hughes two-year extensions on two contracts in Norway. The contracts are for the provision of drill bits, directional drilling, formation evaluation (measurement-while-drilling, logging-while-drilling and mud logging) and related services on 10 to 12 rigs operating in multiple fields offshore Norway. Valued at approximately $270 million, the award extends the contracts through October 2012.

The drilling and formation evaluation technology and services provided under the contract extensions help to optimize drilling efficiencies and enhance well placement in Statoil’s offshore Norway fields. Baker Hughes has a long-term relationship with Statoil, and these contract extensions not only strengthen that business affiliation, but also drive ongoing technology collaboration between the firms.

"Together Statoil and Baker Hughes have developed innovative technologies to maximize the value of Norway's reservoirs," said Gary Rich, president, Baker Hughes Europe. "Statoil continues to play a leading role in new technology commercialization in both Norway and the wider oilfield sector."