Stolt Offshore S.A. Receives Letter of Intent for Tyrihans Development Project Valued at ca. $90 million

abarrelfullabarrelfull wrote on 16 Jul 2012 12:42
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January 26, 2006

Stolt Offshore S.A. (NASDAQ NM: SOSA; Oslo Stock Exchange: STO), today announces that it has received a Letter of Intent for a contract valued at approximately $90 million from Statoil ASA for pipeline installation on the Tyrihans oil and gas field development project in the Norwegian Sector of the North Sea.

The scope of work includes installation of a 16”/18” diameter production pipeline, 43 km in length from the Tyrihans field to the Kristin platform, together with a 10” gas injection pipeline, 42 km in length from Åsgard B to the Tyrihans field. The work will be performed in the summer of 2007, with mobilisation expected in May 2007, and will use the LB200 trunkline laybarge, following the completion of two full seasons of work on the Langeled Project in 2005 and 2006.

Øyvind Mikaelsen, Vice President, Northern Europe and Canada region, said, “We are delighted to receive this Letter of Intent from Statoil ASA at such an early stage in the development of the Tyrihans project, due on line in July 2009. While the Tyrihans production pipeline represents one of the most challenging pipeline projects undertaken to date with the conventional S-Lay technique, the LB200 has characteristics ideally suited to this project. This contract award demonstrates the continued high demand for Stolt Offshore’s services and expertise in subsea engineering and construction, as well as the unique positioning of the LB200 for large challenging pipeline projects in difficult environments.”


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