Statoil Signs Services Agreements Worth $25bn

Norwegian oil company Statoil has said it is to sign services agreements with global engineering and technology company Aker Kvaerner Subsea and FMC Technologies for sub-sea equipment.

The $25bn contracts cover delivery of additional equipment for existing facilities in the Norwegian continental shelf, supply of new sub-sea field installations and their maintenance.

Statoil has also signed an agreement with global upstream product supplier Vetco Gray Scandinavia for additional equipment.

Valid for five years, the contracts will be signed and effective from the second half of September 2007.

Reported by staff writer