SHARE
(Image courtesy of Kvaerner)

Norway’s Kvaerner announced Thursday it has won a deal with Statoil to deliver platform jackets for North Sea oil fields until 2020.

The value of the contract is $488 million.

Kvaerner will build two jackets for Statoil’s Johan Sverdrup field.

According to Statoil, the agreement will help it reduce costs as it standardizes the construction of some of its platforms.

Statoil CEO Helge Lund said, “It is highly pleasing that Kvaerner has managed to come up with a competitive and forward-looking delivery model. By so doing, Kvaerner has demonstrated that cost-reduction measures and increased efficiency do bear fruit.”