Aker Solutions wins 3-year deal from Total in North Sea

  • Business & Finance

Norwegian oil services company Aker Solutions has won a three-year contract extension from the French oil major Total to provide maintenance and operations services at the Elgin and Franklin fields in the UK North Sea.

Aker Solutions said on Tuesday that this work is valued at more than NOK 400 million ($49M). A day earlier, the Norwegian company won a contract valued at more than NOK 1 billion to deliver its longest-ever umbilicals system at the Zohr gas field offshore Egypt.

The company said it is making good progress in reaching a goal of boosting cost-efficiency in all areas of the company by at least 30 percent.

According to the company, a quarter of the targeted improvement will be achieved this year, helping to achieve potential annualized cost-savings of at least NOK 9 billion by the end of 2017, based on the 2015 cost base and work volumes.

Chief Executive Officer Luis Araujo said in a presentation to investors in Fornebu, outside Oslo,“We have a healthy order backlog and solid financial position underpinned by our continuous improvement efforts and consistently strong execution on major projects worldwide.”

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