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Aker Solutions ASA (OSL:AKVER) 9 September 2008 - Aker Solutions has been awarded a contract to supply a subsea production system to Storm Ventures International (Barbados) Ltd's Cosmos South development offshore Tunisia. Contract value is undisclosed.
Scope of work for the contract is three subsea trees, subsea control systems and tie-in and connection system. The subsea production system will be installed in approximately 100 metres water depth in the Gulf of Hammermet offshore Tunisia.
At the centre of the delivery is Aker Solutions' RapidSolution programme. RapidSolution is a pre-stocked and pre-configured well system that offers significant reduction in lead times and which fits 80 percent of all subsea fields.
"With today's exeptionally high oil prices, the drive to get to 'first oil' is more important than ever. The RapidSolution programme is our answer to the market," says Svenn Ivar Fure, senior vice president for Trees / Processing & Boosting in Aker Solutions. "The decision we made in May to double the size of the programme was certainly the right one."
Subsea trees will be manufactured at Tranby, Norway, and subsea controls in Aberdeen, UK. First deliveries are scheduled for Q2, 2009.
RapidSolution is a complete subsea well system based on Aker Solutions' standard configurable tree. The solution is built specifically for subsea developments with short lead time and tie-backs when developing resources close to existing offshore installations.
Contract party is Aker Solutions subsidiary Aker Subsea AS.
ENDS
For further information, please contact: Media: Endre Johansen, communications manager, Aker Solutions. Tel: +47 22 94 58 91, Mob: +47 416 10 605, E-mail: endre.johansen@akersolutions.com
Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.
Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 24 000 people in about 30 countries.
Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
