BP Extends Aker's Maintenance, Modification Contract

BP Extends Aker's Maintenance, Modification Contract

Thursday, March 31, 2011

Aker Solutions

BP has decided to extend the maintenance and modification contract with Aker Solutions, exercising a one year option in the existing
agreement for the Ula, Valhall, Hod and Tambar fields. Work under the new option will last until April 2012. The contract value is estimated to be NOK 2-300 MNOK.

The original maintenance and modification contract was signed in 2005.

"We are very pleased that BP again demonstrates their trust in Aker Solutions. We look forward to continue our long term cooperation with BP," said executive vice president for Maintenance, Modifications and Operations in Aker Solutions, Tore Sjursen.

Scope of work under the contract includes engineering, procurement, fabrication, installation and maintenance support services and currently employs approximately 280 people in Stavanger, 50 in Egersund and 1000 in offshore rotation. The contract also includes hook-up and completion of the new PH platform at Valhall and tie-in of Oselvar to the Ula field.

Contract parties are Aker Solutions subsidiary Aker Offshore Partner AS and BP Norway AS.

Petrofac Lands Contract for Shell's Majnoon Field

Petrofac Lands Contract for Shell's Majnoon Field

Thursday, March 31, 2011

Petrofac Ltd.

Petrofac has been awarded a contract, in excess of US $240 million by Shell Iraq Petroleum Development B.V. for developments in the Majnoon Field, Southern Iraq.

Under the competitively tendered contract, Petrofac is providing engineering, procurement, fabrication and construction management services for the development of a new early production system comprising two trains each with capacity for 50,000 barrels of oil per day, along with upgrading of existing brownfield facilities. Work on the project began in mid-2010 and is expected to complete during the fourth quarter of 2012.

Ayman Asfari, Petrofac group chief executive, said, "Majnoon is one of Iraq's largest developments and we are delighted to be working with Shell to assist them with unlocking the field's potential. Iraq's geographic location, adjacent to many of our existing areas of operation, made it a natural market for the group as we continue to broaden our geographic footprint."

Subramanian Sarma, managing director, Petrofac Engineering & Construction added, "Prior to beginning work with Shell in Iraq last year, we had spent many months preparing in order to achieve a sufficient level of readiness across several aspects of our business operations. All of our activities are underpinned by our strong commitment to safety, quality and integrity and alongside Shell and the local community, we are working to deliver this project to the standards our customers and stakeholders expect from us."

SBM Offshore Secures LOI for EPCI Supply

SBM Offshore Secures LOI for EPCI Supply

Wednesday, March 30, 2011

SBM Offshore N.V.

SBM Offshore has executed a Letter of Intent (LOI) with OSX 2 Leasing BV, an indirect subsidiary of OSX Brasil and part of the EBX Group. This LOI will permit SBM to start project activities, including early engineering and procurement up to $25MM, relating to the future conversion, supply and installation of a floating production, storage and offloading vessel to OSX (FPSO OSX-2). The full EPCI contract for FPSO OSX-2 is expected to be executed within a month.

FPSO OSX-2 will be chartered by OSX to its customer OGX Petróleo e Gás Ltda. (OGX), also a company of the EBX Group, and will be deployed on oil fields in the Campos basin offshore Brazil. First oil is targeted by 3Q 2013.