Drilling module contract to Aker Maritime

Hydro today awarded the contract to build the drilling module for the Grane oil field platform in the North Sea to Norwegian marine contractor Aker Maritime. The contract has an estimated value of NOK 1 billion (USD 109 million).

The fully-tested and commissioned drilling module with derrick, weighing a total 5,500 tonnes, will be delivered to Hydro on May 1, 2003. The drilling module will be built and assembled at Aker Stord in western Norway. The fabrication work will begin in May 2001. The module will be mechanically completed on December 15, 2002. A total of about 340 skilled labourers will be take part in the work.

Aker Maritime’s engineering work in Kristiansand, Norway, will start immediately.
Approximately 100 people from Maritime Hydraulics and Aker Stord will be involved in this project phase.

The contract was awarded in hard competition and was based on a total evaluation of price and quality.

The Grane field, which is located some 185 kilometers west of Stavanger, Norway, will be developed with an integrated accommodations, process and drilling platform mounted on a steel jacket. Combined total investments are estimated at NOK 15 billion (USD 1.63 billion).

Kvaerner Oil and Gas (KOGAS) was awarded the contract to build the Grane production module, valued at approximatelyNOK 3.5 billion (USD 380 million),in May. The contract to build the steel jacket will be awarded shortly.

The Grane field, which has an estimated 700 million barrels of recoverable oil, is expected to reach a maximum output of 214,000 barrels per day in 2005. The oil will be transported by pipeline to the Sture terminal north-west of Bergen, Norway.

Hydro equity share in Grane is 24.4 percent. Field partners include Statoil with 6.4 percent, the state’s direct financial investment (SDFI) with 43.6 percent and ExxonMobil with 25.6 percent.