Statoil has signed a contract with SBM Offshore for delivery of the turret mooring system on the floating production ship (FPSO) for the Johan Castberg field. The contract is an exercise of an option in connection with the conclusion of a FEED contract with the same company.

"This is a specialized delivery that only a few suppliers internationally have the competence to deliver. We look forward to continuing the good cooperation with SBM Offshore, to ensure a safe and efficient delivery of the turret" says Torger Rød, head of project development in Statoil.

Statoil delivered plans for development and operation (PDO) for Johan Castberg to Norwegian authorities earlier this week. All contracts are subject to final approval of the PDO.

The investment costs for Johan Castberg will be approximately 49 billion. Expected recoverable resources are estimated at 450-650 million barrels of oil equivalents. This makes the Johan Castberg project the largest offshore oil and gas project in the world that is being sanctioned in 2017. The planned start-up of the field is 2022.

The partnership in Johan Castberg consists of Statoil (Operator 50%), Eni (30%) and Petoro (20%).

About Johan Castberg

The field is being expanded with a production vessel and extensive subsea construction, with a total of 30 wells spread over 10 base frames and two satellite structures.
The development costs for Johan Castberg are estimated at approximately NOK 49 billion. National employment under development is estimated at almost 47,000 full-time equivalents, and just under 1800 of these will be in Northern Norway.
The Johan Castberg project will constitute a significant part of the investment level on the NCS 2018-2022.
Statoil, together with the other operators of oil deposits in the Barents Sea, is investigating the possibilities for finding a profitable oil terminal solution at Veidnes.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in more than 30 countries, present in several of the most important oil and gas provinces in the world.

Building on more than 45 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is among the world's largest net sellers of crude oil and condensate, the second-largest supplier of natural gas to the European market, and we also have substantial processing and refining operations.

Statoil’s equity oil and gas production is around 2 million barrels oil equivalent per day. Statoil has contracted a fleet of around 90 ship for transportation of oil and LNG.
Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.

About SBM Offshore

SBM Offshore N.V. is a listed holding company that is headquartered in Amsterdam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore group (“the Company”).

SBM Offshore provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company is market leading in leased floating production systems with multiple units currently in operation and has unrivalled operational experience in this field. The Company’s main activities are the design, supply, installation, operation and the life extension of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.

As of December 31, 2016, Group companies employ approximately 4,750 people worldwide. Full time company employees totaling c. 4,250 are spread over five regional centers, ten operational shore bases and the offshore fleet of vessels. A further 500 are working for the joint ventures with several construction yards.