Aker Solutions Secures 3-Year Extension with Nexen in North Sea

Aker Solutions has secured a three-year contract extension for engineering and construction work with client Nexen Petroleum UK Limited in the UK sector of the North Sea. Aker Solutions estimates the contract value to be approximately GBP 60 million.

"It is a strategic objective for Aker Solutions to keep our position in the maintenance and modification market in the North Sea. The UK sector has a mature and highly competitive upstream oil and gas segment. We are pleased to learn that Nexen, as one of our key clients, value our services within modifications and look upon this contract extension as a confirmation of the high-quality performance from our business in the UK," said Jarle Tautra, executive vice president in Aker Solutions.

Nexen Petroleum UK Limited is extending the engineering and construction contract with Aker Solutions, releasing an extended option on the existing agreement. The original E&C contract with Nexen was signed in April 2005. Aker Solutions scope of work for Nexen involves engineering, procurement and construction services for Nexen's UK North Sea assets.

"In our highly competitive marketplace it is extremely encouraging to add the Nexen contract extension to our portfolio. This latest win follows other significant contract extensions awarded to us in recent months and we are delighted to further our relationship with Nexen, especially at such an exciting time in the development of their asset portfolio. I look forward to helping them achieve their strategic objectives in the coming years and further developing our highly efficient modifications service," said Rod Buchan, managing director in Aberdeen and vice president of Maintenance, Modifications and Operations in Aker Solutions.

Work under the extended contract is ongoing and will last until April 2013.

The contract parties are Nexen Petroleum UK Limited and Aker Solutions' subsidiary Aker Offshore Partner Ltd.