Baker Hughes awarded Norway-wide drilling role by Statoil

Statoil (NYSE:STO) has contracted Baker Hughes (NYSE:BHI) for integrated drilling services for 25 fields offshore Norway.

Offshore staff

STAVANGER, Norway – Statoil (NYSE:STO) has contracted Baker Hughes (NYSE:BHI) for integrated drilling services for 25 fields offshore Norway.

The agreement spans directional drilling,measurement-while-drilling, logging-while-drilling, mud logging, round-the-clock onshore support, and drilling engineering services.

These will be performed on installations at Brage, Dagny (optional), Eirin (optional), Grane, Heidrun TLP, Heidrun SS, Kristin Kvitebjørn, Njord, Norne, Morvin Oseberg B/C/Sør, Oseberg Øst (optional), Sleipner, Skuld, Snøhvit, Tyrihans, Troll, Volve, Vega, Veslefrikk, Aasta Hansteen, and Åsgard.

There will be a focus on integrated operations (IO), covering integration of people, multidiscipline work processes, and collaborative technologies to execute decisions better and quicker. IO involves use of real-time data transfer to achieve more efficient interaction between installations, onshore support groups, specialists and other vendors.

Baker Hughes has various locations in Norway, and will open a new one in January 2013 in Hammerfest, to support operations in the Barents Sea.

The firm two-year part of the agreement is valued at around NOK 3 billion ($508 million). There are two two-year optional extensions.

8/22/2012

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