Aker Solutions eyes 5-year brownfield services contract

Norwegian oilfield services company Aker Solutions is participating in a joint venture that has been issued a letter of award to provide offshore maintenance and modification services to an undisclosed client.

Aker Solutions said on Wednesday that the brownfield services contract is for a term of five years. The scope of work covers offshore assets which require maintenance and upgrades to maintain production levels.

The revenue under the awarded contract over the full term is equivalent to approximately $400 million.

The company expects the negotiations to be completed and a binding contract to be signed by the end of the first quarter of 2020.

Aker Solutions will book its full corresponding revenue under the contract as order intake in the quarter of the contract’s signing.

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