Aker Solutions has secured a three-year contract extension to an existing framework agreement on Sept. 11 for work at North Sea fields operated by ConocoPhillips.
The company will continue as ConocoPhillips’ main supplier of maintenance and modifications work offshore Norway. The agreement runs from January 2021 until the end of 2023.
The contract value will be determined by future call-offs for maintenance and modifications work and could range between NOK 300 million (US$33.1 million) and NOK 700 million (US$77.4 million) per year. The range does not represent a minimum or maximum amount and is subject to change.
“We look forward to delivering new projects and services to one of the largest maintenance and modifications portfolios offshore Norway,” Kjetel Digre, CEO of Aker Solutions, said.
The work will be managed and executed by Aker Solutions’ office in Stavanger and fabrication yard in Egersund. The agreement will also provide work for the company’s offshore employees.
The contract will be booked as order intake in the third quarter of 2020.
Energy industry leaders say technology and standardization are critical to lowering costs and improving efficiency offshore.
The measures combined are worth between C$81 million ($61.4 million) and C$84 million in the first year, government spokesman Justin Marshall said.
Rig count is up 13% in the last month. The most significant weekly rig increases by major basin were in the Permian (up four to 129), Gulf Coast (up four to 31) and Appalachia (up three to 35).