Apply Wins Valemon Maintenance and Modifications Contract, Norway

Apply has been awarded a frame contract for Maintenance and Modifications on the Valemon Field.

Valemon is located in the northern part of the North sea, between the fields Kvitebjørn and Gullfaks south. Valemon is being developed as a fixed platform with a steel jacket for the separation of gas, condensate and water. The normally unmanned platform will be remotely controlled from the Kvitebjørn platform when drilling operations are completed in 2016/17.

The offshore installation is planned for Q2 2014 with start of production in Q4 2014.

The agreement , which has a duration until July 2016 with options for 2 + 2 years extension, has an approximate value of 180 million NOK including options. The contract is established as an extension of the existing M&M frame contract between Apply and Statoil. The Valemon contract implies further expansion of our engineering team in Bergen .

Apply Sørco is a company in the Apply group, a leading supplier of services and technology products to the oil and gas industry. From July 1, 2013, the group is organised in three business areas: Rig & Modules; supplying multidisciplinary upgrades and system packages to drilling rigs and equipping container-based modules for a variety of offshore uses, Upstream Facilities; supplying brownfield maintenance, modifications and operations support services, and Living Quarters & Helidecks; a leading independent international supplier of living quarters and aluminium helidecks.

The private equity investor HitecVision and the investment company Køhlergruppen are Apply AS’s principal owners. In 2012, the Apply group had around 2,000 employees and a turnover of just over NOK 3.1 billion.

 

Press Release, July 17, 2013

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