December 25, 2014 3:25 AM ET

Energy Equipment and Services

Company Overview of Aker Oilfield Services AS

Company Overview

Aker Oilfield Services AS provides subsea well intervention operations related services worldwide. It offers subsea installation, riser less well intervention, riser well intervention, light drilling, and hardware and software services. The company was founded in 2006 and is based in Oslo, Norway. As of April 1, 2009, Aker Oilfield Services AS operates as a subsidiary of Aker Solutions ASA.

Karenslyst Allé 57

Oslo,  0277


Founded in 2006

Key Executives for Aker Oilfield Services AS

Chairman of the Board and President
Age: 48
Chief Financial Officer
Age: 45
Regional President of North America
Head of Umbilicals
Chief Technology Officer
Compensation as of Fiscal Year 2014.

Aker Oilfield Services AS Key Developments

Aker Oilfield Services Wins $465 Million Contract from Petrobras

A subsidiary of Aker Solutions 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.

Aker Oilfield Services Receives Contract

Aker Oilfield Services has been awarded a contract over five years by Petrobras to provide subsea intervention services offshore Brazil with the vessel "Aker Wayfarer". The vessel will be modified in order to become a deepwater subsea equipment support vessel, which will allow it to install and retrieve subsea trees and modules, including subsea structures and manifolds.

Total Cancels Skandi Aker Vessel Contract from Aker Oilfield Services

Aker Solutions subsidiary Aker Oilfield Services was notified by Total in Angola of the termination of a USD 250 million, two-year contract for the Skandi Aker vessel. Skandi Aker started operations as a well-intervention vessel for the first time in September last year when the contract with Total commenced. The value of the remaining contract period is about USD 150 million and will be removed from the order backlog. The vessel's capacity utilization has been 37% so far in 2014 after operations halted at the end of March for maintenance and repairs.

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