Aker Solutions to provide Cat-B well intervention services to Statoil

17 April 2012 - Aker Solutions has entered a long-term agreement with Statoil to
provide a full range of heavy well intervention and light drilling services on
the Norwegian continental shelf. The contract period is for eight years, with
options for three further two-year periods (2+2+2). Contract value for the
initial eight-year period is approximately USD 1.9 billion. Work will be
performed from a new build Category B well intervention rig, which will be owned
and operated by Aker Solutions´ subsidiary Aker Oilfield Services.

"Aker Oilfield Services was set up five years ago to develop smart, cost-
effective solutions for vessel-based intervention services. In 2009 we took full
ownership of the company with the objective of using it as a vehicle to develop
an integrated delivery model that fully capitalises on Aker Solutions´ broad
portfolio of oilfield products, systems and services, in order to create new
business opportunities. This ability to bundle technology and expertise has
proven to be a competitive advantage when bidding for this contract. It will
involve deliveries from our oilfield service arm, engineering, drilling
technologies, subsea and well intervention services, " says Øyvind Eriksen,
executive chairman, Aker Solutions.

"The Norwegian continental shelf is recognised world-wide for its high recovery
rates. With the Cat-B initiative, Statoil and their partners is taking a quantum
leap by taking a fully integrated approach to increasing recovery rates from
subsea wells. We are pleased to support Statoil in the development of this new
technology and innovative business model, " adds Eriksen.

The Category B (Cat-B) rig is a semi-submersible unit designed for year-round
well intervention. It will provide a full range of heavy well intervention and
light drilling tasks including through-tubing rotary drilling, wireline, coil
tubing, high pressure pumping, well testing and cementing services as well as
ROV operations. It will operate in water depths up to 500 metres.

Well intervention services are carried out in an oil or gas well, with the
objective of maximising production and increasing the recovery rate of oil and
gas. Well intervention has traditionally been performed from fixed platforms. In
more recent years, specially equipped ships or rigs have been developed to
undertake the same type of service on subsea wells where recovery rates have
been much lower.

The subsea well intervention system - i.e. the infrastructure between the rig