Statoil rolls out $2.77 billion in contracts

Norway

STAVANGER, December 15, 2015 – Norway’s Statoil announced Tuesday that it awarded maintenance and modification contracts worth $2.77 billion for its offshore and onshore oil and gas facilities in Norway. The company unveiled a new compensation system aimed to save on oilfield services.

The contracts were signed with oilfield services companies Aibel, Apply Sorco, Reinertsen and Wood Group Mustang Norway and include maintenance of offshore oil and gas platforms, onshore oil and gas terminals and an LNG plant in Melkoya.

Statoil announced that it also entered competition agreements for modification services, where it invited two or more providers to compete for individual projects.

The company’s senior vice-president for operations technology said the contracts would strengthen the competitiveness of the Norwegian continental shelf.

The company increased output in the second quarter of 2015 to 1.87 million barrels of oil equivalent from 1.79 million barrels of oil equivalent in 2014, despite having to cut back its capital expenditure to $7.8 billion.

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