Grenland to Complete Modification Work for Statoil

Grenland Group received a letter of intent from Statoil for modification work at Asgard A. The scope of work includes a complete offshore replacement of the existing swivel stack, which transfers all kinds of services between the vessel and its subea installations, including the oil and gas production. The project is to commence immediately and work should be completed within 2011. Asgard is located 124 miles (200 kilometers) offshore Norway in the Halten Bank of the Norwegian Sea on Blocks 6507/11 and 6407/2. Operated by Statoil with 34.57% interest in the field and facilities, partners in the project are Petoro with 35.69%, Eni with 14.82%, Total with 7.68% and ExxonMobil with 7.24%.

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