AGR Field Operations, Statoil Extend Contract

Statoil has exercised the option to extend the current framework agreement for Pipeline Integrity Services with AGR Field Operations, part of the AGR Group. The 2 year extension starting from February 2011 has an estimated value of NOK 30 million. Total remaining value including options has an estimated value of 100 MNOK.

AGR Field Operations will under this extension continue to provide pipeline inspection services as part of the continuous pipeline integrity program on Statoil's in-field flow lines in the North Sea.

Åge Landro, Executive Vice President of AGR Field Operations commented, "We appreciate very much the commitment and trust that Statoil has placed in us through this contract extension. It is a vote of confidence for our unique cutting edge technology, the sophistication of our pipeline inspection products and allied services related to pipeline cleaning. We look forward to our continuing relationship with Statoil in the future."