Norwegian offshore services firm Aker Solutions said Wednesday it had secured a "significant" three-year contract extension to an existing framework agreement for work at North Sea fields operated by ConocoPhillips Skandinavia.
Aker Solutions defines a significant contract as being between NOK 1.5 billion ($158 million) and NOK 2.5 billion ($264,39 million).
Aker Solutions will continue as ConocoPhillips' main supplier of maintenance and modifications work offshore Norway. The agreement runs from January 2024 until the end of 2026.
The contract value will be determined by future call-offs for maintenance and modifications work and could range between NOK 500 million ($52,8 million) and NOK 800 million ($84,6 million) per year. This estimate does not represent a minimum or maximum amount and is subject to change, Aker Solutions said.
"We are pleased to continue our longstanding relationship with ConocoPhillips and look forward to continue to deliver our solutions and services to one of the largest maintenance and modifications portfolios offshore Norway," said Paal Eikeseth, executive vice president and head of Aker Solutions' electrification, maintenance and modifications business.
The work will be managed and executed by Aker Solutions’ office in Stavanger and fabrication yard in Egersund, as well as providing work for the company’s offshore employees.