Aker Solutions Clinches 3-year Extension with Nexen in UK Sector Worth GBP 60 million

Aker Solutions has secured a three-year contract extension for engineering and construction work with client Nexen Petroleum UK Limited in the UK sector of the North Sea. Aker Solutions estimates the contract value to be approximately GBP 60 million.

“It is a strategic objective for Aker Solutions to keep our position in the maintenance and modification market in the North Sea. The UK sector has a mature and highly competitive upstream oil and gas segment. We are pleased to learn that Nexen, as one of our key clients, value our services within modifications and look upon this contract extension as a confirmation of the high-quality performance from our business in the UK”, says Jarle Tautra, executive vice president in Aker Solutions.

Nexen Petroleum UK Limited is extending the engineering and construction contract with Aker Solutions, releasing an extended option on the existing agreement. The original E&C contract with Nexen was signed in April 2005. Aker Solutions scope of work for Nexen involves engineering, procurement and construction services for Nexen’s UK North Sea assets.

“In our highly competitive marketplace it is extremely encouraging to add the Nexen contract extension to our portfolio. This latest win follows other significant contract extensions awarded to us in recent months and we are delighted to further our relationship with Nexen, especially at such an exciting time in the development of their asset portfolio. I look forward to helping them achieve their strategic objectives in the coming years and further developing our highly efficient modifications service”, says Rod Buchan, managing director in Aberdeen and vice president of Maintenance, Modifications and Operations in Aker Solutions.

Work under the extended contract is ongoing and will last until April 2013.

The contract parties are Nexen Petroleum UK Limited and Aker Solutions’ subsidiary Aker Offshore Partner Ltd.

Aker Solutions ASA, through its subsidiaries and affiliates (“Aker Solutions”), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions’ business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.

Aker Solutions’ parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 23 000 people in about 30 countries.

Aker Solutions is part of Aker , a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.

Source: Akersolutions, June 29, 2010;

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