Statoil awards Aker Solutions LOI for subsea workover system offshore Norway

Source: Aker Solutions

Aker Solutions has been awarded a letter of intent (LOI) from Statoil (NYSE:STO) for the engineering, procurement and construction of a subsea workover system for the Vigdis North East development on the Norwegian Continental Shelf. Aker Solutions estimates that the contract value will be approximately US $85 million (NOK 500 million). 

The scope of work includes a complete suite of components for open water workover operations. The Vigdis North East workover system will perform normal start up operations for field development. 

Workover equipment is used on every subsea well, for installing equipment and preparing the well for production. During field life, workover equipment is used during the maintenance of subsea wells to improve oil recovery. 

"We are very pleased to be awarded this LOI from Statoil for a new standardised workover system. This award will propel Aker Solutions into pioneering workover operations not only on our own equipment, but also towards third parties. Our equipment enables higher efficiency and lower costs, resulting in more wells being drilled and completed," says Mads Andersen, executive vice president of Aker Solutions' subsea business area. 

The Vigdis North East workover system project will be managed at Aker Solutions' Tranby Technology and Manufacturing Center in Norway. The manufacturing of the well control package and riser elements will be completed in Tranby and the control systems out of Aberdeen. Final deliveries will be made in June 2012.

Vigdis North East is a fast-track oil and gas development located in water depths of approximately 280 meters in the Norwegian sector of the North Sea.

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