SOURCE: Roxar

September 09, 2005 09:24 ET

Roxar Wins Multi-Million US Dollar Contract Extension to Supply Permanent Downhole Monitoring Equipment to Statoil

STAVANGER, NORWAY -- (MARKET WIRE) -- September 9, 2005 -- Roxar, a leading technology solutions provider to the upstream oil and gas industry, today announced a multi-million dollar extension to its contract with oil and gas company Statoil, to provide Permanent Downhole Monitoring Systems (PDMS) to Statoil's offshore fields on the Norwegian Continental Shelf (NCS).

The new agreement ensures that Roxar will be providing its downhole monitoring equipment to Statoil until the end of 2007 and has a value of between 18 and 25 million US dollars.

Roxar's PDMS equipment, which includes the new RQPG-HS gauge for extreme reservoir temperatures, will provide Statoil with reliable around-the-clock access to downhole information from any office location, improving reservoir management, well planning and resource exploitation. PDMS will provide mission-critical, real time pressure and temperature information from both Statoil's conventional and multi-zone intelligent wells.

Roxar CEO, Sandy Esslemont, welcomed the announcement: "Today's announcement with Statoil is further endorsement that our permanent subsurface instrumentation solutions are continuing to give customers the information they need to better manage their reservoirs and optimize production. By continuing to partner with Roxar at a time when increased oil and gas recovery is such a cornerstone of the company's strategy, Statoil is demonstrating its confidence in Roxar's solutions and our ability to help maximize reservoir performance."

Roxar is widely recognised as a global leader in providing reliable downhole monitoring solutions with a proven track record of success across the world. Over the last decade, Roxar has won a series of major contracts in the Norwegian Continental Shelf, in the Middle East and Asia Pacific with customers including BP, Hydro, Oxy and Total.

The Roxar PDMS is highly robust and reliable for onshore, offshore and subsea wells and is deployed in production, injection and observation wells as well as in conjunction with the instrumentation of highly complex multi-zone intelligent wells.

The Roxar PDMS can be supplied as a stand-alone system or as a completely integrated system. PDMS typically provides information on reservoir pressure and temperature. Under the agreement with Statoil, Roxar will provide project planning, installation and maintenance services.

Roxar creates value for its customers through its Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions and Consultancy Services.

Note to Editors

About Roxar

Roxar is a leading international technology solutions provider to the upstream oil and gas industry. The company creates value for its customers through innovative products and services that help achieve maximum performance from oil and gas reservoirs.

With its head offices in Stavanger, Norway, Roxar employs close to 450 staff across a network of wholly owned offices in Europe, the Americas, Africa, CIS, Asia Pacific and the Middle East. Founded in May 1999, the company generated revenues of approximately US$100 million in 2004. Roxar's International customer base includes all of the multinationals, major independents and the majority of national oil companies.

Contact Information

  • For further information:
    Sandy Esslemont (USA)
    CEO
    Roxar Group
    Tel: +1 713 482 6439
    Email: Email Contact

    Ådne Grødem (Europe)
    CFO
    Roxar Group
    Tel: +47 51 81 88 23
    Email: Email Contact

    Gunnar Hviding
    Managing Director
    Roxar Flow Measurement
    Tel: +47 51 81 88 75
    Email: Email Contact

    Svenn Haugen
    Group Marketing Manager
    Tel: +47 51 81 88 00
    Email: Email Contact

    Jeanette Halford
    Marketing Operations Manager
    Tel: +44 (0) 208 971 4000
    Email: Email Contact

    Paul Fisher
    Axiom Communications Management
    Tel: +44 (0) 1285 713 776
    Fax: +44 (0) 1285 713 071
    Email: Email Contact