Statoil Extends AGR's Engineering Contract

Statoil has exercised an option for extension in a current framework agreement with AGR Field Operations, part of the AGR Group. Under this extension, AGR Field Operations will continue to provide maintenance engineering services as part of the business process currently being implemented at Statoil.

This contract extension has an estimated value of 40 million NOK and encompasses maintenance engineering services on several Statoil offshore installations over the next 2 years.

Åge Landro, Executive Vice President commented, "The extension of this contract reaffirms the quality and value of the maintenance engineering services we provide to our customers. It is an excellent indicator of AGR's ability to provide engineering and consultancy services to a major operator, backed up by our strong services and product base provided from a network of locations. The market demand for our services is growing as evidenced by several similar agreements being worked on globally, as well as expressions of interest for several more."

With more than 120 employees, the Maintenance Management group has developed into a leading provider of maintenance services to the energy industry in Europe during the past year. This business model is also growing in the Asia Pacific region where we are currently working with some leading operating companies regarding the delivery of our maintenance engineering services.

"Working with majors allows us to create solutions above and beyond standard maintenance programs, which again add value to the life cycle management of their assets. AGR Field Operations is delighted to supply Statoil with the needed resources, and continue to assist in the development of Statoil's business processes," commented Åge Landro, EVP of AGR Field Operations.