Aker Geo to Provide Subsurface Consultancy Services

Aker Solutions' geo business has signed a three-year frame agreement with Statoil to supply subsurface consultancy services within the areas of production geology, exploration geology and reservoir technology. Contract value is undisclosed.

The agreement is valid a period of three years, from March 1, 2010. In addition, Statoil has options to extend the agreement with two one-year periods. The agreement is valid to cover Statoil's assets worldwide.

"This is a significant contract for us, with an important oil company who we share a great deal of history with," said Erik Sverre Jenssen, president of Aker Solutions' geo business.

"We are one of the largest subsurface consultancy businesses on the Norwegian continental shelf (NCS), and this contract both confirms our competitiveness and is a recognition of our competence. As a result, we will probably be looking at expanding our capacity within the market segments the contract covers," added Jenssen.