OSLO, Norway, April 29, 2003 (PRIMEZONE) -- Hydro (NYSE:NHY) has awarded maintenance and modification contracts for the 10 platforms it operates on the Norwegian continental shelf, as well as the Sture terminal, to ABB Offshore Systems and Aker Kvaerner. The contracts in total are worth some NOK 1.5 billion.
"We have chosen a dual-supplier model to ensure sound and efficient maintenance and modifications to our installations on the Norwegian continental shelf. We are looking forward to a fruitful collaboration with our suppliers. This is vital if we are to run our installations optimally," says senior vice president Torgeir Kydland, of Hydro Operations and Production Norway.
Hydro produces 800,000 barrels each day, equivalent to 25 percent of total Norwegian oil production, from the installations the company operates on the Norwegian continental shelf.
On behalf of the licence-holders, Hydro has awarded ABB Offshore Systems the maintenance and modification contract for the platforms Oseberg Field Centre, Oseberg Soer, Njord and the Sture terminal at OEygarden outside Bergen. Aker Kvaerner has been awarded a similar contract for the platforms Oseberg C, Brage, Oseberg OEst, Troll B, Troll C and the Grane platform due to come on stream later this year.
Hydro has also awarded frame contracts to ABB, Aker Kvaerner and Reinertsen AS for major modification work. Work in connection with these contracts will be allocated as the result of open competition between the above-mentioned companies. Reinertsen AS is currently carrying out modification and maintenance work on the Heimdal platform related to the phasing-in of the Skirne/Byggve development.
The maintenance and modification contracts will be valid for three years starting 1 July 2003. The contracts include three two-year options.
Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes," "anticipates," "plans," "expects" and similar expressions. These forward-looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.
Contact Gisle Johanson Norsk Hydro ASA
Telephone 55 99 56 16 Oil and Energy
Cellular 41 44 00 50 N-0246 OSLO
E-mail Gisle.Johanson@hydro.com Norway
Telephone: (+47) 22 53 81 05
Fax: (+47) 22 53 85 53
www.hydrooilandenergy.com