200 million NOK contract for Roxar

Roxar ASA has been awarded a significant contract from Statoil for downhole well instrumentation and reservoir monitoring. The contract has an estimated value of more than NOK 200 million and runs over the next 5 years.

The contract becomes a continuation of a current agreement between Statoil and Roxar and confirms the company's strong position within products and services for reservoir and field management solutions. The new agreement covers 80% of Statoil's estimated need for reservoir monitoring on existing fields and includes options for new fields coming into production. Roxar has provided these services to Statoil since 1987, and the company has contributed to a strong growth in this market throughout the nineties. The contract provides significant opportunities for technology development and field trials of well instrumentation. It is also important for a series of suppliers providing components to Roxar. Roxar provides reservoir monitoring solutions world-wide through its network of offices in Europe, the Americas, Australia, Asia and the Middle East. The technology provides the oil companies with information for production optimisation through real time monitoring of pressure and temperature in the reservoir. It also saves well logging costs. Reservoir monitoring creates value-added by contributing to higher recovery of oil and gas. Says Roxar's CEO Torkell Gjerstad: "This contract is very important to Roxar and we are very pleased that Statoil reconfirms its confidence in our technology, service and safety in this area. The contract has been won in competition with other international vendors of reservoir monitoring and is clear evidence that our solutions are world-class. We have developed robust solutions for improved reservoir management through close co-operation with our customers, including Statoil. Roxar's strong position in the home market is of course a very good reference for us in other oil regions throughout the world." For more information please contact: Torkell Gjerstad, CEO, telephone: 51 81 88 10, cellular: 908 53 155, torkell.gjerstad@roxar.com