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

Statoil renews its confidence in Aibel

2015-12-15

This information is disclosed pursuant to the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act or requirements stipulated in the listing agreement.

Aibel was today granted a new framework agreement for the supply of maintenance and modification services to Statoil. Through the new agreement, Aibel will retain today's volumes and extend its maintenance assignment for the Aasta Hansteen oil platform. Valued by Aibel at approximately NOK 7.5 billion, the framework agreement is for six years with a four-year extension option.

The new framework agreement covers 13 platforms in the North Sea, the Norwegian Sea and Barents Sea, as well as four Norwegian land-based facilities. One of the largest maintenance and modification contracts on the Norwegian shelf, the agreement is for six years and gives Statoil the option to extend the agreement a further four years. It will go into effect in 1 March 2016 and take over when Aibel's current agreement for similar services expires. Aibel estimate the total value of the contract at approximately NOK 7.5 billion and it is expected to create jobs for more than 1,000 employees over the entire value chain, from project engineering to purchasing, production, installation and final assembly.

"This allocation proves that Aibel is standing its ground in what continues to be a weak market due to hard work to adapt its cost structure, improve productivity and streamline processes in close cooperation with its customers," says Susanna Campbell, CEO of Ratos.

"From our perspective, Statoil is clearly signalling its continued confidence in us. In a thorough and professional tender process, Aibel demonstrated evident competitiveness. The addition of the Aasta Hansteen oil platform proves this and further enhances our position in northern Norway," says Jan Skogseth, CEO of Aibel.

Aibel is a leading Norwegian supplier of maintenance and modification services as well as new construction projects in the offshore sector on the Norwegian continental shelf. Aibel has some 5,000 employees. Ratos's holding in Aibel amounted 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, +46 8 700 17 20