In November 2013, oil company Det norske announced their intention to award Aibel the contract for maintenance and modification as well as operational support for Ivar Aasen. Today the formal contract was signed.

According to information from the letter of intent signed in November last year, the value of the contract,  which will have a duration of 6 years, with two option periods of two years each, is approximately NOK 270 million (USD 45 million)

The Ivar Aasen platform is currently under construction at SMOE in Singapore and will be installed at the field in 2016.Planning and preparation for hook-up at the field, which will also be carried out by Aibel, will start in May. The actual offshore hook-up will start in the summer of 2016.

Total investments in the project development are estimated at NOK 24.7 billion (approximately $4.3 billion).

The Ivar Aasen project is situated west of the Johan Sverdrup-field in the North Sea, containing approximately 150 million barrels of oil equivalents. First oil is expected in the fourth quarter of 2016. Det norskes’s share of production is approximately 16,000 barrels of oil equivalent per day from Q4 2016 and 23,000 barrels of oil equivalent per day at plateau in 2019.

[mappress]

Offshore Energy Today Staff, March 14, 2014