9 August 2007 - Aker Kvaerner has signed an innovative partnership agreement with leading North Sea operator Venture Production plc (“Venture”) covering the provision, installation, commissioning and life of field support of subsea control systems.
The framework agreement with Aker Kvaerner Subsea signifies a new form of working relationship in subsea activity, bringing controls delivery and service into one contract arrangement to ensure maximum efficiency in supporting Venture’s portfolio of offshore projects.
The partnership puts in place a system whereby Venture will receive faster delivery when required, compared to a one-off project contract basis.
“The combined agreement represents a new phase of our relationship with Venture in what is our key area of business,” says Rémi Birkeland, Senior Vice President Controls, Aker Kvaerner Subsea. "In effect, it means that Venture can bring our services on stream at any time, at short notice, in support of individual projects, rather than doing so repeatedly on a project-by-project basis.”
“It also means we are now working very closely with Venture on an ongoing basis, and that greater understanding of their business objectives and priorities serves to enhance our business offering to the relationship,” continues Birkeland. “Aker Kvaerner now has a dedicated framework agreement manager in place who works closely with Venture in the define and refine phases prior to project kick-off, along with dedicated support on the service side. We expect to be supporting on average around six Venture projects annually.”
Commenting on the news, Chris Bird, Venture’s Field Development Manager said: "We are delighted to announce this new partnership. This is a prime example of the kind of close, long-term partnership with a key supplier that we believe is essential for a strong North Sea development operator. Through this partnership Venture will have greater control over its operational programme and we will be able to call upon the resources we need to complete key projects. This is particularly important at a time when oil equipment and services are in such tight supply. We are very pleased to be working closely with Aker Kvaerner."
Subsea control systems represent Aker Kvaerner Subsea’s primary area of activity in Aberdeen. During 2006 the business won orders worth in excess of USD 300 million, all delivered out of its UK operations.
ENDS
For further information, please contact:
Media:
Bill Phillips at the BIG Partnership. Tel. (01224) 578174 or 07970 544663.
Endre Johansen, Communications Manager, Aker Kvaerner Subsea. Tel: +47 22 94 58 91, Mob: +47 416 10 605
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39
Lynne Estachy, Investor Relations, Venture Production plc. Tel: +44 1224 619000
Suppliers:
Roger Lunde, Vice President, Global Supply Chain, Aker Kvaerner Subsea. Tel: +47 32 85 94 78
Career opportunities:
Visit http://www.akerkvaerner.com/Internet/CareerCentre
Notes to Editiors
AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.
The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 23 000 people in about 30 countries.
Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.1 per cent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.
Aker Kvaerner Subsea is a leading provider of a complete range of surface and subsea solutions for the oil and gas industry - from concept screening and design through manufacturing, fabrication and commissioning. Aker Kvaerner Subsea's ability as a world-wide total system provider is backed by a wide portfolio of products which are maintained for the complete life of field. Aker Kvaerner Subsea's capability is available for both new and existing fields either as individual activities or complete packages.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com
Venture Production plc, (“Venture”) is a leading new generation oil and gas company focused on developing additional reserves and production in the North Sea. In just seven years, Venture increased production from only 200 barrels of oil (equivalent) per day in 1999 to an average of 44,706 barrels of oil (equivalent) per day in 2006 and it has an active development programme aimed at further increases both production and reserves. Revenues have grown from £1m in 1999 to £360m in 2006. Venture is listed on London Stock Exchange with a market capitalisation of approximately £1.2 billion. (see www.vpc.co.uk for further information)
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