NEWS

Norway’s Aker Solutions ASA (AKSO.OS) said Monday it had been awarded a contract worth up to 3 billion Norwegian kroner ($344.8 million) with ConocoPhillips for the maintenance of oil and gas fields off Norway.

Aker Solutions said it would provide maintenance work at the Ekofisk and Eldfisk fields in the North Sea for a period of five years, with an optional three-year extension. The work had previously been done by Aibel, an unlisted Norwegian competitor.

The company estimated the contract value at between NOK1 billion and NOK3 billion, depending on how much maintenance and modification work it carries out.

The company was also awarded a contract to compete for complex modifications on the fields, together with two other companies, it said.

The award is a welcome shot in the arm for the oil-field services company after the loss of a key maintenance contract with Statoil ASA (STL.OS). Aker Solutions said last month that it may shed up to 900 permanent jobs and cut three of its four regional units in Norway after losing the contract amid tougher competition in the oil-services sector.