Statoil Awards Kristin LPP Modification Contract Worth $150 M to Aker Solutions

Statoil has given Aker Solutions the assignment to build and install a compressor module on the Kristin platform in the Norwegian Sea. The module will help to improve recovery from the Kristin and Tyrihans fields.

The engineering, procurement, construction and installation (EPCI) contract is for topside modifications and a new compressor module for Kristin.

The estimated value of the contract is NOK 900 million (approximately USD$ 150 million) .

“We’ll see more of modification projects to facilitate low-pressure production in the future,” says Vidar Birkeland, acting chief procurement officer in Statoil.

“This is an important contribution to improving recovery. The compressor module will also enable us to produce gas and condensate faster and help to maintain Statoil’s production targets.”

With low-pressure production on the Kristin field it will be possible to tie back future projects in a promising area to the platform.

In total, reserves in the Kristin and Tyrihans fields will be increased by nearly 115 million barrels of oil equivalent.

“The Kristin platform is an important hub on the Halten Bank and we will now be able to boost recovery in the short and the long term,” says Ivar Aasheim, senior vice president for Statoil’s operations north business cluster.

“This will also help to extend the lifetime of the Kristin platform.”

The offshore installation work will extend from 2012 up to completion in early 2014.

[mappress]

Source: Statoil, December 22, 2010;

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