Aker Solutions Awarded Major Frame Agreement with Statoil

Aker Solutions, the international oil services provider, has as one of several suppliers been awarded a frame agreement with Statoil for the delivery of subsea operations and services on the Norwegian continental shelf.

Subsea operations and services covers installation of subsea equipment, maintenance, upgrade and recertification of tools and installed equipment. It also includes workover activities and life extension of subsea wells.

The size of the frame agreement is dependent on call-offs and the number of projects that Statoil decides to execute.

The frame agreement with Statoil is signed for the duration of five years with three additional three year options (5+3+3+3). Aker Solutions has booked NOK 5.5 billion of order intake as a preliminary estimate of the work to be generated in the initial five year period, of which NOK 230 million (USD 42 million) was booked in the fourth quarter of 2012 due to prior commitments from Statoil.

“Aker Solutions has worked with Statoil for decades and we are very honoured by this major award. We are not only refurbishing subsea trees to guarantee an extended lifetime, but we are also upgrading to accommodate more functionality, enabling Statoil to increase production capacity from each well”, says Alan Brunnen, head of Aker Solutions’ subsea business area.

Statoil will immediately execute a subsea refurbishment project for the Troll field, the world’s biggest subsea development with regards to the number of subsea wells.

The new Troll contract covers the refurbishment and upgrade of subsea trees until the end of 2014, besides the investments in long lead components for further refurbishment at the Troll field, which is located in the northern part of the North Sea, approximately 65 kilometres west of Kollsnes, near Bergen in Norway.

Aker Solutions’ facility at Aagotnes, outside Bergen on the west coast of Norway, will support the projects from Statoil. This site was established in 1994, and has installed more than 200 subsea trees on the Norwegian continental shelf.

Based on expected market developments, Aker Solutions will further develop the service base at Aagotnes in 2013 and 2014. Two new workshops for the maintenance of subsea equipment, new logistic facilities and a new office block which includes state-of-the-art operational support systems, will be set up at the existing base at Aagotnes. This will add 6 000 square metres of buildings besides 450 new office facilities.

The Aagotnes base provides life-field support for subsea equipment, including offshore installation and intervention support, onshore maintenance, refurbishment and upgrades of subsea trees, control systems and intervention work-over systems, besides maintenance, repairs and recertification of tools. Today, the Aagotnes base employs approximately 800 people.

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Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company’s knowledge and technologies span from reservoir to production and through the life of a field.

Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 27 500 people in more than 30 countries. We apply the knowledge and create and use technologies that deliver our customers’ solutions.

Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.