The agreement is valid for a period of six years, with optional extensions, from 29 May 2012. In addition, TGS has options to extend the agreement to other areas on the UK continental shelf.
"This is a very good agreement for us, with an important seismic company with whom we share a successful history of velocity cube co-operation on the Norwegian continental shelf," says Bengt Larssen, president of Aker Solutions' geo business.
hiQbe® stands for regional high quality velocity cube and consists of hundreds of seismic stacking velocity data sets, and checkshots from hundreds of wells, all processed into one regionally consistent velocity cube, with anisotropy corrections.
It is created using proprietary Aker Solutions' technology.
"We are one of the largest sub-surface consultancy businesses on the Norwegian continental shelf. This co-operation confirms our technology and is recognition of our competence. As a result, we will be looking at expanding our capacity within this niche market," adds Larssen.
Aker Solutions' geo business delivers products and services through the whole subsurface value chain, from exploration to production, and is a leading velocity and depth conversion provider.
"We consider hiQbe® to be a leading product for regional work, saving our customers time and money, with pre-tied regional wells and a complete earth velocity model for seismic depth conversion without disruptions," says Larssen.
Aker Solutions' contract party is Aker Geo AS.
For further information, please contact:
Endre Johansen, VP Corporate Communications, Aker Solutions. Tel: +47 22 94 58 91, Mob: +47 416 10 605, E-mail: firstname.lastname@example.org
Astrid Thommesen Sæbø, VP Investor Relations, Aker Solutions. Tel: +47 22 94 63 37, Mob: +47 481 70 035, E-mail: email@example.com
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers
Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.
Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 23 500 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers' solutions.
Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.