Apply Sørco wins frame agreement for Kvitebjørn and Brage

Apply Sørco has received a letter of intent from Statoil for the Maintenance & Modification frame agreement for the Kvitebjørn and Brage platforms in the North Sea. The project will be run out of Apply’s offices in Bergen. In total the contract will engage 200 Apply employees and Apply estimates the yearly volume to be around 40 mill USD. With a duration of 4+2+2 years where the two last periods are options. This could bring the total contract value to some 320 mill USD.

– This frame agreement represents a final breakthrough for Apply Sørco in the Norwegian M&M-market, states a very pleased Frederik Hvistendahl, managing director of Apply Sørco. -Our strategy to further expand our business in the Bergen area has demonstrated its succes, and we look forward to developing a long and fruitful cooperation with Statoil on the nominated fields.

Apply Sørco will cooperate with its associated companies Apply Oil & Gas and Apply Leirvik in the execution of the work, and Per Bjørn Habbestad, CEO of the Apply Group, comments that this award has been target number one since the foundation of the Apply Group. Habbestad is grateful for the trust Statoil has demonstrated by this award and promise not to let them down.

Apply Sørco has also established a mutual resource cooperation agreement with Fabricom, where Apply Sørco is main contractor for Bergen-related M&M-contracts, while Fabricom is main contractor for Stavanger-based M&M-contracts.

Work on the contract will start in August, adding to Apply Sørco’s already high activity level revenues in May reached an all-time high for the company.