Kvaerner to conduct concept study for Statoil's subsea on slim legs concept

Statoil has awarded Kvaerner a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project.

22 August 2014 - Statoil has awarded Kvaerner a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project. The concept is focused on minimisation of facilities, equipment and costs down to water depths of 150 meters and may be a cost effective solution compared to a conventional subsea tie-back solution.

Kvaerner have already for some time worked on developing a cost efficient, standardised wellhead platform concept called "Subsea on a stick®."  The new wellhead platforms could both increase recovery and utilise the new generations of jack-up drilling rigs, as well as reducing development costs.

"We are excited about this new concept and pleased that Statoil has chosen Kvaerner as one of the concept study contractors for future solutions for cost efficient operations. The study confirms that we are being recognised for our solid expertise when it comes to platform solutions, "says Sverre Myklebust, executive vice president for Kvaerner's Jackets business area.

This project is expected to be the first in a series of new projects from Statoil where unmanned wellhead platforms could replace a traditional subsea project solution within the applicable water depths.

"We fully support the need for cost reductions within our industry and believe that this solution could contribute to significant cost savings. We have implemented comprehensive improvements within our business over the last two years, and this new concept would be especially suited for future fast-track delivery from our facilities at Verdal in Norway," Myklebust says.

The work will be carried out by Kvaerner's front end team in Oslo, Norway, supported by the Jackets Technology engineering team. The project has already started and will be completed in November 2014, with expected concept selection by year end. The contract party is Kvaerner's subsidiary Kværner Engineering AS. 

ENDS

An illustration of Kvaerner's Subsea on a stick® concept can be downloaded below:


For further information, please contact:

Media: Torbjørn Andersen, Vice President Communications, Kvaerner, Mob: +47 928 85 542

Investor Relations: Ingrid Aarsnes, SVP Investor Relations & Communications, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364

About Kvaerner:
Kvaerner is a leading provider of engineering, procurement and construction (EPC) services, and delivers offshore installations and onshore plants for upstream oil and gas production around the world. Kværner ASA, through its subsidiaries and affiliates ("Kvaerner"), is an international contractor and preferred partner for oil and gas operators and other engineering and fabrication contractors. Kvaerner and its approximately 2 800 HSSE-focused and experienced employees are recognized for delivering some of the world's most amazing and demanding projects.

In 2013, the Kvaerner group had consolidated annual revenues of close to NOK 13 billion and the company reported an order backlog at 30 June of more than NOK 21.5 billion. Kvaerner is publicly listed with the ticker "KVAER" at the Oslo Stock Exchange. For further information, please visit www.kvaerner.com.