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Share 2016-09-23 17:29 RATOS B 40.16 SEK

Aibel awarded contract for Johan Sverdrup field worth approximately NOK 8 billion

2015-02-24

This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.

Aibel has been awarded a new construction contract for the Johan Sverdrup field. The contract is worth approximately NOK 8 billion and includes engineering, procurement and construction of a new drilling platform. The work will start immediately with scheduled completion in 2018.

Aibel has been awarded an EPC contract (EPC - Engineering, Procurement, Construction) for the topside section of a drilling platform for the Johan Sverdrup field. This is a large-scale assignment which extends until 2018 when final delivery to the operator, Statoil, is scheduled.

Johan-Sverdrup-field

Illustration: Statoil

Ratos's CEO, Susanna Campbell, comments: "It is very gratifying that Aibel has been awarded a major and strategically important new construction contract for the significant Johan Sverdrup field. The hard work Aibel has put in over the past year to adapt its cost structure, improve productivity and enhance process efficiency in close cooperation with customers has yielded results in the form of increased competitiveness."

Aibel's CEO, Jan Skogseth, comments: "This contract is a prestigious project that provides proof of Aibel's international competitiveness, our stable project model and a high level of expertise. During the past year we have adapted our organisation to enable us to carry out even more efficient newbuild projects and we are very proud and happy to have this opportunity to conduct this major project together with the operator, Statoil."

Aibel is a leading Norwegian supplier of maintenance and modification services, as well as newbuild projects, within offshore on the Norwegian Shelf. Aibel's sales totalled NOK 8,554m in 2014 and the company has approximately 5,000 employees. Ratos's holding in Aibel amounts to 32%.

For further information, please contact:
Susanna Campbell, CEO, Ratos, +46 8 700 17 00
Jan Skogseth, CEO, Aibel, +47 916 04 973
Elin Ljung, Head of Corporate Communications, Ratos, +46 8 700 17 20