ConocoPhillips Extends Maintenance Deal for North Sea Fields

ConocoPhillips has extended its maintenance and modifications deal with Norway's Aker Solutions covering its North Sea fields for another three years until the end of 2023, the contractor said on September 11.

The new contract, depending on how much work is done, could be worth between kroner 300mn and 700mn ($33-112mn)/yr, Aker Solutions said. It will be booked in Aker Solution's order intake for the third quarter.

"We look forward to delivering new projects and services to one of the largest maintenance and modifications portfolios offshore Norway," Aker Solutions CEO Kjetel Digre said in a statement.

ConocoPhillips exited the UK North Sea last year through a $2.7bn deal with private equity-backed Chrysaor, but it remains one of the largest operators in Norwegian waters.