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-Statoil orders Valemon platform deck for NOK2.3bn at Samsung Heavy.

NORDIC BUSINESS REPORT-May 18, 2011--Statoil orders Valemon platform deck for NOK2.3bn at Samsung Heavy(C)2011 M2 COMMUNICATIONS

18 May 2011 - Norwegian oil major Statoil ASA (OSL: STL) said today it awarded South Korea's Samsung Heavy Industries Co Ltd (SEO: 010140) the building of the topsides for its Valemon platform offshore Norway for some NOK2.3bn.

Samsung will be responsible for the engineering, procurement and construction of the topsides and living quarters. There is also an option for mating offshore of the topsides with the steel jacket.

Norwegian Grenland Group ASA (OSL: GGG) and the Malaysian unit of French Technip (EPA: TEC) will carry out the engineering works, while Grenland Group will build the flare boom. Dutch Hertel Marine will construct the living quarters.

The Valemon gas field on the Norwegian continental shelf is seen as one of Statoil's biggest development projects. According to the company's estimates, Valemon contains recoverable reserves of 26.3 billion cu m of gas, 4.9 billion cu m stabilised condensate and 1.3 million tonnes of natural gas liquids (NGL).

The other licence partners are Enterprise Oil Plc, Norwegian state-owned company Petoro AS and French oil major Total SA (EPA: FP).

(EUR1 = NOK7.9)

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Publication:Nordic Business Report
Date:May 18, 2011
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