Statoil Rehires Welltec and Aker - Analyst Blog
11 Outubro 2012 - 12:00PM
Zacks
Norwegian energy giant
Statoil ASA (STO) has awarded contracts worth NOK
940 million ($163.8 million) to Welltec and Aker Well Service. Both
the companies will provide wireline tractor services for well
maintenance in over 40 installations on the Norwegian Continental
Shelf (NCS).
The work scope of the four-year contract - beginning from February
1, 2013 through January 31, 2017 - comprises wireline tractor
services for transport of well intervention equipment, such as
logging tools and plugs, in horizontal wells.
This technology will help Statoil to boost yields from mature
fields as well as facilitate remedial work to optimize output from
wells. Maintenance and repair of wells forms a critical function
for increasing recovery. In this context, wireline tractor services
signify an essential and valuable tool for maintenance of
wells.
Welltec’s contract forms 40% of the work scope and is valued at NOK
540 million. It consists of the installations operated from
Gullfaks, Huldra, Kvitebjørn, Visund, Veslefrikk, Valemon, Oseberg,
Brage, Troll, Grane, Heimdal, Gullfaks SAT, Oseberg SAT, Vega,
Tune, Fram, Vestflanken (Troll), Vale, Vilje, and Bygve/Skirne.
Aker Well Service's contract forms 30% of the work scope and is
valued at NOK 400 million. It will cover facilities including
Stavanger, Stjørdal and Harstad: Statfjord, Volve, Sleipner,
Snorre, Gudrun, Dagny (including Ermintrude) Morvin, Åsgard,
Trestakk, Kristin, Heidrun/ SAT, Norne / SAT, Njord, Tyrihans,
Mikkel, Yttergryta, Alve, Urd, Aasta Hansteen, Snøhvit, and
Hyme.
The remaining 30% of the work scope is optional and will involve
employment of rigs for drilling, completion and intervention that
will be awarded to pre-qualified suppliers on a job-by-job
basis.
The contracts received by the contractor pair are an extension of
the existing deals, which are due to expire in January 2013. The
new contracts will be executed in direct continuation of the
existing contracts and will include two options of two years
each.
Statoil, which recently contracted Schlumberger
Limited (SLB) for electric wireline logging services on
the NCS, holds a Zacks #2 Rank (short-term Buy rating). Longer
term, we maintain our Neutral recommendation on the stock.
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
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