Kvaerner ASA: Kvaerner awarded more Njord work

14 September 2016 - Statoil has made a call-off from the framework agreement for upgrading of the Njord A semi-submersible platform, which includes preparations and docking of the platform. The call-off has an estimated value of NOK 350 million.

On 1 April Kvaerner signed a project framework agreement (PFA) with Statoil for the upgrading of the semi-submersible platform Njord A. The PFA signed by Statoil and Kvaerner is based on a project execution plan, where Statoil at key milestones has the option to call-off the execution of further phases. The first call-off for front-end engineering and design (FEED) was signed at the same time as the PFA. In May, Statoil made a call-off for yard stay at Kvaerner's yard at Stord.

The option that now has been called-off is for preparations of reconstruction and execution of docking of the platform, which includes removal of derrick, flare, lifeboat system and inspection. Prefabrication of time critical elements, mainly two pontoons that will increase the buoyancy of the hull, is also a part of the scope.

The platform is now moored quayside at Kvaerner, where it will be situated until derrick, flare and lifeboats are removed. Simultaneously, fabrication of the two new pontoons will commence. The dry dock phase is expected to last until end August 2017.

Njord A was delivered from then Aker Stord in 1997.

ENDS

For further information, please contact:

Investor Relations:
Ingrid Aarsnes, SVP Investor Relations & Communication, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364, email: ir@kvaerner.com

Media:
Odd Naustdal, Head of Communications, Kvaerner West Norway, Mob: +47 905 76 079, email: odd.naustdal@kvaerner.com