2007-11-22

Aker Kvaerner signs subsea frame agreement with Woodside Petroleum

Aker Kvaerner has signed a frame agreement with Woodside Petroleum Ltd to become the Australian oil and gas giant's preferred supplier of steel tube umbilicals. The contract could be worth between NOK 150 - 200 million annually.

The frame agreement is awarded for a three year period with optional periods of one + one year and has the potential to support Woodside Petroleum Ltd with its proposed LNG developments.

The agreement will make Aker Kvaerner's subsea division the main supplier of steel tube umbilicals to Woodside's field developments off the western coast of Australia.

"It is of major strategic importance that we now get a proper foothold in the Australian market," says Raymond Carlsen, executive vice president Aker Kvaerner Subsea. "The predictability a frame agreement offers is beneficial to both Woodside and us. We are very pleased that Woodside considered our technical solution to be the best and most cost effective one."

As part of the contract, Aker Kvaerner will be responsible for the design, manufacturing, testing, certification, delivery and installation support of the umbilical systems.

Woodside is Australia's largest publicly traded oil and gas exploration and production company with a market value of AUD 34 billion (USD 30 billion).

Information about the company: Akastor ASA