Aker Solutions has secured a three-year contract extension to an existing framework agreement for work at North Sea fields operated by ConocoPhillips.

The company will continue as ConocoPhillips' main supplier of maintenance and modifications work offshore Norway. The agreement runs from January 2021 until the end of 2023.

The contract value will be determined by future call-offs for maintenance and modifications work and could range between NOK 300 million and NOK 700 million per year. The range does not represent a minimum or maximum amount and is subject to change.

"We look forward to delivering new projects and services to one of the largest maintenance and modifications portfolios offshore Norway," said Kjetel Digre, chief executive officer of Aker Solutions.

The work will be managed and executed by Aker Solutions’ office in Stavanger and fabrication yard in Egersund. The agreement will also provide work for the company’s offshore employees.

The contract will be booked as order intake in the third quarter of 2020.

About Aker Solutions

Aker Solutions helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop the sustainable solutions of the future. Aker Solutions employs approximately 13,000 people in more than 20 countries.

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips (NYSE: COP) had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees on June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019.