Statoil secures subsea supplies

Statoil has issued a letter of intent to Aker Kvaerner Subsea and FMC Technologies regarding new frame agreements for subsea equipment supplies.

Offshore staff

STAVANGER, Norway --Statoil has issued a letter of intent to Aker Kvaerner Subsea and FMC Technologies regarding new frame agreements for subsea equipment supplies.

The two agreements cover deliveries of additional equipment for existing production facilities – mainly on the Norwegian shelf – new subsea installations, and operations maintenance. Statoil has signed a further agreement with Vetco Gray.

The contracts are valid for five years, with options of two-year extensions, and have a total value of $2.568 – 4.28 billion. Statoil's Tore Tveit says the frame agreement system "gives us shorter lead times and assured deliveries when a project is sanctioned".

08/24/2007

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