SOURCE: Universal

November 21, 2008 07:22 ET

StatoilHydro signs large contract with Weatherford

OSLO, NORWAY--(Marketwire - November 21, 2008) -

StatoilHydro has signed an agreement with the oil service company Weatherford for the delivery of Liner systems to StatoilHydro operated fields. The contract runs through to 2013 and is valued at approximately 185 million NOK per year.

The new contract is based on the two agreements Statoil and Hydro respectively had with Weatherford before the merger of the two companies.

- We are pleased with the process we have undergone to agree on a joint contract based on the two agreements that existed prior to the merger of Statoil and Hydro, and the new deal accommodates the company's new realities, says Finn Vatne, Account Manager in Weather Norge AS.

Liner Systems are used in operations on platforms to stabilise and secure wells during drilling operations.

The agreement with StatoilHydro secures work for approximately 50 employees for five years and is one of the largest contracts Weatherford has signed.

Contact information:
Finn Vatne
Account Manager
Business Development
Weatherford Norge AS
Mobile phone: (47) 48 99 04 99

Picture caption:

Account Manager in Weatherford Norge, Finn Vatne is pleased with the large five year contract with StatoilHydro.

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