Aker BP ASA has awarded an agreement to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger for a period of approximately 9 months, with commencement in February 2018.
Key information relating to the cash dividend to be paid by Aker BP ASA
- Dividend amount: USD 0.185 per share
- Declared currency: USD
- Last day of trading including right: July 31, 2017
- Ex-date: August 1, 2017
- Record date: August 2, 2017
- Payment date: August 9, 2017
- Date of approval: July 13, 2017
As per the updated loan agreement in the DETNOR02 bond loan (ISIN: NO 001068414.5), clause 12.4, bondholders have an option to put bonds at 107% of the dividend distribution amount. A distribution event notice will be sent to bondholders on the dividend payment date.
This information is published in accordance with the requirements of the Continuing Obligations.
Endringer i styrets sammensetning
Aage Ertsgaard, varamedlem for arbeidstakerrepresentanter- og Emil Brustad-Nilsen, varamedlem for aksjonærene i styret, har trukket seg fra styret i Aker BP ASA.
Ertsgaard er ikke lenger ansatt i selskapet, og Brustad-Nilsen har trukket seg på grunn av allmennaksjelovens krav til kjønnsrepresentasjon i styret.
Plugging wells on Valhall using power from shore
Maersk Invincible is being supplied with electricity through the Valhall field. It is probably the first time ever a drilling rig is being powered fully from shore.
Valhall QP removal contract award
Allseas, via Excalibur Marine Contractors, has been awarded a long term (6 yrs + 2 + 2) frame agreement for Transport, Installation and Removal (T,I&R) services for Aker BP, and has been awarded a call off for removal of the Valhall QP topsides and QP/DP bridge in 2019 and disposal thereafter.
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Cash dividend to be paid by Aker BP ASA 2017
Key information relating to the cash dividend to be paid by Aker BP ASA
Dividend amount: USD 0.185 per share
Declared currency: USD
Last day of trading including right: May 9, 2017
Ex-date: May 10, 2017
Record date: May 11, 2017
Payment date: May 19, 2017
Date of approval: April 27, 2017
As per the updated loan agreement in the DETNOR02 bond loan (ISIN: NO 001068414.5), clause 12.4, bondholders have an option to put bonds at 107% of the dividend distribution amount. A distribution event notice will be sent to bondholders on the dividend payment date.
This information is published in accordance with the requirements of the Continuing Obligations.
Aker BP awards framework contract to Schlumberger
Aker BP ASA (Aker BP) has entered into a framework contract with Schlumberger for acquisition of 4D seismic data.
Aker BP enters into long-term framework agreements
Aker BP ASA (Aker BP) has in international competition entered into long-term framework agreements with key suppliers of engineering services, construction, electro/ IT/ control room systems as well as transport and installation of fixed facilities offshore.
Aker BP aims to plan and execute field development projects on Aker BP-operated fields in a safe and very cost effective manner. The company’s ambition is thus to increase the productivity, quality, flow- and time efficiency throughout the value chain, and thereby increase the value creation and competitiveness of the company.
A strategic core element in this effort to improve is to enter into long-term, interdependent collaboration with strategically important suppliers.
“Platform Alliance”
The intent of the entered framework agreements is that Aker BP in the company’s field development projects develops and executes work by using a more integrated project delivery model; a «Platform Alliance» for each project.
«Our goal is to work more efficiently alongside the suppliers, as well as to minimise the total time it takes to deliver the final product. We want to work as one integrated team and with the same incentives to reduce costs and to remove non-value added activities», says Senior Vice President (SVP) Projects, Olav Henriksen.
The entered framework agreements and the planned collaborative model is a natural extension of the principles and experiences that Aker BP already has developed and acquired through the «Subsea Alliance», which was established with Aker Solutions and Subsea 7 in 3Q 2016.
The framework agreements are independent and can be used separately or as part of the future «Platform Alliance». Use of the framework agreements within or outside the Alliance model presumes agreement among partners in the involved licenses.
Framework agreements
The following framework agreements have been entered into:
- Engineering & Procurement (EP): This framework agreement has been awarded to Aker Solutions and comprises engineering services and procurement from early studies to first oil.
- Construction & Hook-up (CH): This framework agreement has been awarded to Kvaerner and comprises construction of steel jackets and topsides, including offshore hook-up.
- Electro, Instrument, Control & Telecom (EICT): Separate framework agreements have been awarded to both Siemens and ABB. The agreements consist of design, supply and installation of electrical, instrument, control and telecom systems, from the preliminary phase to first oil.
Aker BP has also entered into a separate framework agreement with Heerema Marine Contractors for transport and installation of facilities offshore (Transport & Installation – T&I), including Call-off for transportation and installation on Valhall West Flank. This framework agreement is not included in the planned Alliance model.
The framework agreements followed completion of a competitive process, where qualified suppliers were invited to tender for one or more of the services.
All framework agreements have durations of six years with an option for four additional years.
Valhall Flank West
In the Valhall licence, Aker BP and partner Hess Norge have already agreed to use an Alliance model to develop the Valhall Flank West.
The plan is to develop a normally unmanned installation (NUI). The goal is to submit the Plan for Development and Operation (PDO) in the second half of 2017.
Tambar- re-development
Tambar- license with owners Aker BP and Faroe have now approved Tambar- development, consisting of two additional wells and gas lift. This is a major milestone for Tambar- that extends the production period from about 2018 to 2028 with a potential upside.
Around 1.7 billion kroner will be invested targeting gross reserves of 27 million barrels of oil equivalent (boe), Aker BP’s share is 15 million boe. The expectation is that this will give 4-6000 new barrels a day over several years.
It was 4D seismic in 2014 that made us safer on the resources of the field’s northern area and thus laid the foundation for two wells from originally,» says Evy Thorbjørnsen, Ula Asset Integration Manager who will lead Tambar- project
The drilling rig Maersk Interceptor will drill the two wells starting in Q4 this year. Drilling will also test the oil-water contact in the northern part of the Tambar field which will contribute to increased understanding of Tambar- reservoir.
«The Tambar development is a robust project which has a breakeven under USD 20 per barrel. The two-infill wells will use the two remaining drill slots on Tambar platform and we are reusing UGIP- pipeline for gas lift from Ula. In addition to the two wells, the project includes modifications on both Tambar platform and Ula’s production platform. The changes include piping and equipment for measurement and transport of lift gas, upgrading of support systems on Tambar, scope of work for the rig intake, connection of flowlines for the new wells and installation of a conductor guide structure under the platform. The UGIP pipeline will be modified to terminate at the Tambar platform. During the implementation, construction personnel will stay on the drilling rig used to drill the infill wells on the Tambar field.
The project team consists of personnel from various functions and disciplines within the organization, and requires close and integration of the various activities. The project has a tight schedule and production from the new wells is scheduled to start in the first half of 2018, depending on when the rig arrives on the field.
Proceeding with Phase 2 of the Johan Sverdrup development
The Johan Sverdrup partnership has decided to proceed with (DG2) Phase 2 of the Johan Sverdrup development.
Phase 1 of Johan Sverdrup is under development, with first oil scheduled for late 2019. The partners will now proceed with maturing Phase 2 for the investment decision and submission of the plan for development and operation (PDO) in the second half of 2018. Phase 2 is scheduled to come on stream in 2022.
Phase 1 of the development establishes a field centre consisting of four platforms on the field. Phase 2 builds on this infrastructure, adding another processing platform to the field centre. Overall this will result in a processing capacity of 660 000 barrels of oil per day.
Capital expenditures for Phase 2 are now estimated at between NOK 40 – 55 billion (NOK billion nominal, fixed currency and excluding IOR), halving the estimate since the PDO was submitted for Phase 1 of Johan Sverdrup.
For further information and contract awards please refer to the Statoil press release dated 21 March 2017.
The Johan Sverdrup partnership:
- Statoil (operator): 40.0267%
- Lundin Norway: 22.6%
- Petoro: 17.36%
- Aker BP: 11.5733%
- Maersk Oil: 8.44%
Facts about Johan Sverdrup:
Johan Sverdrup Phase 1:
- Includes the development of four platforms, three subsea installations for water injection, power from shore, export pipeline for oil (Mongstad) and gas (Kårstø).
- Under development. Approx. 40 % of the development is completed.
- More than NOK 60 billion worth of contracts awarded. More than 70 % of the suppliers with a Norwegian billing address.
- CAPEX estimate: NOK 97 billion.
- Break-even Phase 1: Below USD 20 per barrel.
- Production start: late 2019.
Johan Sverdrup Phase 2:
- Includes development of another processing platform for the field centre + the Avaldsnes, Kvitsøy and Geitungen satellite areas, in addition to power from shore to the Utsira High in 2022.
- Made the DG2 decision to proceed with the development
- Investment decision (DG3) and submission of the plan for development and operation: Second half of 2018.
- Investment estimate: NOK 40 – 55 billion.
- Break-even price: Below USD 30 per barrel.
- Production start: 2022.
Full field (Phase 1 + Phase 2):
- Includes both Phase 1 and Phase 2 of the Johan Sverdrup development.
- Resource estimate: 2.0 – 3.0 billion barrels of oil equivalent.
- Break-even price: Below USD 25 per barrel.