Statoil extends LWI contract

Statoil has extended a light well intervention services contract with Island Offshore Management and its partners, FMC Technologies Inc. and Aker Kværner Well Services.

Offshore staff

STAVANGER, Norway --Statoil has extended a light well intervention services contract with Island Offshore Management and its partners, FMC Technologies Inc. and Aker Kværner Well Services.

Under the NOK 600 million ($101 million) agreement, theIsland Frontier will continue under contract until 2008/2009.

Island Frontier and Island Wellserver are due to provide services in parallel on Statoil-operated licenses in the Tampen area of the North Sea and Halten/Nordland in the Norwegian Sea.

LWI is a wireline-based system for workovers in subsea-completed wells. Unlike well intervention from a drilling rig, LWI does not require installation of a riser.

"This method is an important instrument for achieving our production goal for the Norwegian continental shelf and the target of a 55% recovery factor on subsea-produced fields," says Tim Dodson, acting executive vice president for Exploration & Production Norway.

06/27/2007

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