Statoil extends intervention arrangement

Statoil has extended a light well intervention (LWI) contract with the alliance of Island Management, FMC Technologies, and Aker Kvaerner Well Service.

Offshore staff

STAVANGER, Norway --Statoil has extended a light well intervention (LWI) contract with the alliance of Island Management, FMC Technologies, and Aker Kvaerner Well Service. Under the terms of the $99.59 million extension, Island will provide the intervention vessel Island Frontier currently on duty for Statoil through 2008-09.

Both this vessel and the newbuildIsland Wellservicer will work in parallel on Statoil-operated licenses in the Tampen area of the North Sea, and the Halten/Nordland regions of the Norwegian Sea.

Statoil views LWI as an important tool for improving recovery from its subsea wells on the Norwegian shelf. The technique does not require installation of a riser, and the vessel is easier to move around than moored semisubmersible.

06/19/2007

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