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UK Well Service Contract to Aker Solutions

15 October 2009

Aker Solutions subsidiary Aker Qserv Ltd has signed a contract with BP to provide well services for the energy giant's operations in UK sector of the North Sea.

The contract is signed for a period of three years, with two one-year extension options. Aker Qserv estimates that the contract will generate income of approximately GBP 10 million annually.

Aker Qserv, who has enjoyed a working relationship with BP dating back to 2003, will continue as BP's primary supplier of well intervention services out of its base in Aberdeen. Scope of work encompasses coiled tubing, pumping, slickline, and support to electrical line and logging equipment.

Aker Solutions acquired Aker Qserv Ltd in July 2008.

"Aker Solutions' well service business recently signed a contract with BP Norge AS to provide well intervention services for their assets on the Norwegian continental shelf. Now Aker Qserv signs a similar deal for the UK sector of the North Sea. This underlines the good strategic fit between our two operations through their complementary footprints and technology portfolio," says Mads Andersen, executive vice president, Aker Solutions.

Ciaran Dreelan, director at Aker Qserv, said: "To secure this contract renewal is testimony to our track record of service delivery and the strength of our relationship with BP. Our intention is to sustain and enhance our quality of service - and to do so more efficiently because we are able to draw upon the wider capabilities of the Aker Solutions group.

"It also emphasizes the excellent fit between Aker Qserv and the services of Aker Solutions, as we will be deploying further expertise and resources from across the group in terms of the wireline tractor, electrical line and logging equipment elements of the contract.

"The continued relationship with BP will allow us to focus on making their business more sustainable through operations aimed at increasing oil recovery," adds Ciaran Dreelan.

Aker Solutions' contract party is Aberdeen-based Aker Qserv Ltd. The contract was signed and booked as order intake in Q3 2009.