Aker Kvaerner and Statoil sign agreement

Aker Kvaerner has signed a letter of intent with Statoil to enter a five-year frame agreement for the delivery of subsea production systems and related operational services.

According to a statement, the agreement will make Aker Kvaerner's subsea division a preferred supplier to deliver complete subsea solutions to Statoil's new field developments as well as additional equipment to new and existing fields. The frame agreement for aftermarket services is valid for new fields.

The agreement for delivery of subsea production systems is awarded for a five-year period with two two-year options. The contract for operational services will run for five years.

The extent of the frame agreement initially covers Statoil's needs on the Norwegian continental shelf but the can also be made applicable to field developments in other areas of the world.

The contract between Statoil and Aker Kvaerner is expected to be signed - and made effective - in the second half of September 2007.