Aker Solutions gets a long-term frame agreement with ExxonMobil

Aker Solutions (OSE: AKSO) said it has been chosen by ExxonMobil Exploration and Production Norway AS, a subsidiary of Exxon Mobil (NYSE: XOM), to handle engineering, procurement, construction and installation (EPCI) for ExxonMobil’s operated assets Balder, Jotun A, Jotun B and Ringhorne on the Norwegian continental shelf. The fixed duration is five years with two additional five-year options. Aker Solutions says the agreement gives Aker Solutions a great deal of predictability. The contract value was not disclosed but obviously it is very material. The companies have been working together for almost 15 years.