Aker Signs New Petrobras Deal

Norwegian engineering giant Aker Kvaerner has signed a three-year frame agreement with Brazil's Petrobras to supply subsea trees and related equipment in a US$223m deal.

The company will work on 45 subsea trees, adding to over 150 subsea trees, multiple subsea structures and manifolds supplied to the Brazilian market since it began operations in 1995.

Delivery is due to begin in the third quarter 2009, with final deliveries in 2011.

Aker Kvaerner also formally changed its name to Aker Solutions today as part of a major rebranding exercise.

The company says the rebranding represents a simplification of its corporate identity and outlines its "comprehensive" business products across the energy industry.

At the start of the week, Aker Kvaerner announced it was to merge its maintenance, modifications and operations business with its field development division, to take effect from January 2009.

By Ozge Ibrahim