25 March 2010 - Aker Solution' marine operations unit has entered into a long-term agreement with ABB regarding installation of power cables and related services.
ABB will charter one of Aker Solutions' new vessels for installation campaigns during 2012 and 2013. Aker Solutions estimates that this can generate revenues up to NOK 500 million.
The agreement also includes options for further campaigns in the period 2014 - 2016. Key deliverables from Aker Soutions will in addition to the vessel include project management, engineering and offshore execution.
The vessel is a state-of-the-art installation vessel uniquely equipped to install long, heavy power cables and subsea umbilicals. It is one of Aker Solutions' vessels already under construction. The vessel will be called Aker Connector and will be ready for operations from 2012.
For Aker Solutions the agreement means higher predictability with regards to vessel utilisation and associated operations such as engineering, installation planning and execution of the installation activities.
ABB and Aker Solutions have also entered into a strategic cooperation agreement where the two parties have ambitions to combine their strengths within power cables (ABB) and installation services (Aker Solutions) in selected projects.
'This is an agreement with excellent strategic potential, and I am very pleased that ABB has chosen us as their partner,' says Svein Haug, president of Aker Solutions' marine operations unit, Aker Marine Contractors AS.
'The vessel hire is just one, but important, part of this deal. However, it will offer us greater visibility with regards to vessel planning and utilisation. We have already as a result of this agreement started to supply engineering services to ABB in order to increase ABB's capacity within the field of marine installation, which is a market that we expect to grow over the coming years,' adds Haug.
Aker Solutions' contract party is Aker Marine Contractors AS.
For further information, please contact:
Geir Arne Drangeid, EVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 913 10 458
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194
For further information about sourcing and potential subcontracts for this project, please contact BA Global Sourcing Champion, telephone number found here: http://www.akersolutions.com/Internet/SuppliersCentre/Contacts/SupplyManagementContacts.htm.
Aker Solutions ASA, through its subsidiaries and affiliates ('Aker Solutions'), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.
Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 22 000 people in about 30 countries.
Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)