Statoil has, on behalf of relevant licensees, exercised options for previously awarded drilling service contracts for fixed installations. Options have been exercised for 17 installations on the Norwegian continental shelf.

In 2012 Statoil awarded contracts for four years with options for three times two-year extension to Archer, KCA Deutag and Odfjell.

The company now extends the contracts with the suppliers, exercising the first option. The option period will last from 1 October 2016 to 1 October 2018, with some changes to the scope awarded.

The total contract value for the next two-year period is estimated by Statoil at up to NOK five billion. The work includes drilling and well services, the maintenance of drilling facilities, in addition to modifications and any optional work.

Options have been exercised for the following suppliers and installations:

- KCA Deutag: Oseberg B, C, South, East - Gullfaks A, B, C
- Odfjell Drilling: Grane - Heidrun
- Archer: Statfjord A, B, C – Visund – Njord – Sleipner A – Snorre A, B

“The suppliers have demonstrated innovation and submitted good proposals for continued development of these services, and Statoil is positive to continuing the work with all of the three companies. The current contracts will help maintain activity on competitive terms in a market challenged by profitability,” says Geir Tungesvik, Statoil’s senior vice president for drilling and well.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in 36 countries. Building on 40 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. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.