by Daniel J. Graeber
Oslo, Norway (UPI) Sep 15, 2014
A subsidiary of Norwegian oilfield services company Aker Solutions said Monday it won a $465 million contract for work off the coast of Brazil.
Subsidiary Aker Oilfield Services secured the five-year contract from Brazilian energy company Petrobras.
The Norwegian company said a support vessel in a shipyard in Norway will be converted for deep water operations under the terms of the contract. The vessel will be used to help install and retrieve equipment used to recover oil from fields off the Brazilian coast.
The contract begins in the fourth quarter of 2016.
Brazil ranks second behind Venezuela in proven oil reserves in South America. Offshore production is complicated because much of the oil reserves lie beneath a thick layer of salt.
Petrobras, formally known as Petroleo Brasileiro, has struggled with production levels in the past, but attributed the declines to scheduled maintenance at its offshore fields.
U.S. oil services company Baker Hughes last week was cleared to form a partnership on subsea production technology with Aker Solutions.
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|