The contract extension is to an existing framework agreement for work at North Sea fields operated by ConocoPhillips.
As part of the extension, Aker Solutions will continue as ConocoPhillips’ main supplier of maintenance and modifications work offshore Norway.
The framework agreement runs from January 2021 through the year-end of 2023.
Aker Solutions noted that the contract value will be determined by ‘future call-offs’ for maintenance and modifications.
It is expected to range between Nkr300m ($33.2m) and Nkr700m ($77.5m) a year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
According to Aker Solutions, the range does not represent a minimum or maximum value and is subject to change.
Aker Solutions CEO Kjetel Digre said: “We look forward to delivering new projects and services to one of the largest maintenance and modifications portfolios offshore Norway.”
The maintenance work will be executed by Aker Solutions’ office in Stavanger and fabrication yard in Egersund, Norway.
It will also provide work for the company’s offshore employees.
Aker Solutions said that the contract will be booked under the order intake of the third quarter of this year.
In June, Aker Solutions secured a two-year contract extension for maintenance and modifications work from oil exploration and development company Aker BP.
In March, Aker Solutions signed a master agreement to provide umbilicals for Chevron-operated oil and gas fields in the US Gulf of Mexico (GoM).