Annual report 2008 - Aker Solutions

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Our business Energy Development &Services Entering the European windmill market. In 2008 Aker Solutions delivered six substructures for the first German offshore test field “Alpha Ventus”. The 700 tonne, 45 metre substructures will be installed ata water depth of approximately 30 metres. for increased international operations and will leverage new build activities to win maintenance and modifications work on awider scale. Competitive advantages Deepwater challenges, arctic conditions and harsh environments are typical of our home market, making us apreferred partner for international developments with similar characteristics. Floating production technologies, marine concrete structures, the gas value chain and particularly complex multidiscipline developments are all key areas of our expertise. This unique expertise is part of the basis for our delivery of the Gjøa semisubmersible production platform to StatoilHydro in 2010. Ready for harsher environments Oil companies are concentrating their exploration activities and new develop- Long term repeat business in maintenance and modifications High oil prices over the last few years have driven the development of the maintenance and modifications market in the North Sea. Where once the debate was dominated by tail end production, cost saving programmes and decommissioning, the focus today is on developing existing infrastructure through annual investments of up to NOK 100 billion. Low pressure production, tie-ins, safety upgrades and extended lifetime upgrades are all examples of projects within the maintenance and modification portfolio aimed at extending fields’ production lifetimes by up to 30 years. With a50percent shareofthis market in the North Sea, Aker Solutions plays asignificant role. In 2008 we succeeded in releasing options for repeat work on two significant contracts: Tampen and Statfjord Late Life. Ensuring high productivity on nine platforms in the Tampen area In the Tampen area, outside mid Norway, our scope of maintenance and modification work now includes nine platforms in the Gullfaks, Snorre, Statfjordand Vigdis fields. We deliver approximately 1.8 million manhours each year and ensurehigh productivity and safe operations for these giant platforms –all but one constructed by Aker Solutions over the last 30 years. In July,options werereleased by StatoilHydro toAker Solutions extending the work to 2011. The contract for the whole area was established in 2002 and, if all options aredeclared, will run to March 2013. Rebuilding Statfjord from oil to gas production The Statfjord field, discovered in 1974, has been one of the key oil producers in the North Sea. Through aseparate contract from April 2005, StatfjordLate Life, Aker Solutions has taken on the challenge of rebuilding the StatfjordBand C platforms from oil production to the production of gas. In December 2008, options were released by StatoilHydrofor phase three of the contract, extending the work to 2011. By exercising their options on these two contracts, our customer, StatoilHydro, shows their satisfaction with the services we provided in the first phases of the strategically important Statfjord Late Life and Tampen projects. Long term contract. Our contract with StatoilHydro for the Tampen area lasts until March2011, with options to extend to March 2013. This long term involvement creates the basis for developing a close alignment between customer and contractor. 20 Aker Solutions annual report 2008
Our business Energy Development &Services “We are well positioned for the major developments in our target markets” ments in ever deeper waters and harsher environments. US Geological Survey anticipates that up to 25 percent of the world’s unproven reserves are tobefound in the Arctic and surrounding regions. For us this represents agreat opportunity, since field developments for arctic conditions, environmentally sensitive areas and deep waters are our core competence. New achievements and repeat business Our construction of the world’s most advanced semisubmersible drilling rigs, the Aker Spitsbergen and Aker Barents, and the construction and installation of the world’s first offshore terminal for the receiving and regasification of liquefied natural gas, stand out in 2008. Both projects rank as international milestones. In September, ConocoPhillips awarded us a front-end engineering and design (FEED) contract covering the first three phases of asignificant part of the Greater Ekofisk Area, including FEED work for two platform topsides, three jackets, bridges and substructures. In the Caspian region we hold astrong position in the ongoing phase one development of the giant Kashagan field offshore Kazakhstan. During 2008 we delivered four topsides and utility modules from our own yards. We also mobilised for alarger role in the hook-up phase of the field modules, employing more than 1400 people on the project by the end of 2008. In joint venture with CB&I and Worley- Parsons, we received aletter of intent from Agip KCO in October, followed by a contract award in December for FEED services for phase two of the full-field development of the Kashagan field. The scope of work includes both onshore and offshore facilities and pipelines. It also includes options for further involvement in following phases as well as neighbouring field developments. The maintenance and modifications market has along term, steady level of investment in order to maintain safe and efficient operations, increase recovery rates and ensure compliance with local regulations. Activity within this market has been high in 2008 with significant repeat, long term business. Our maintenance and modifications contract at Tampen covers nine platforms and employs 500 engineers. StatoilHydro released two options under this contract to Aker Solutions in July 2008. In December 2008, an option under the Statfjord Late Life project was exercised, extending work on the Statfjord Band C topsides to 2011. Goals and objectives for 2009 Our main emphasis is on growing the business by maintaining our North Sea market share, expanding in the international market and strengthening our technology base. We will secure our share ofthe: growing gas market field life extensions for North Sea facilities emerging floating LNG market growing deepwater market emerging opportunities in arctic areas stable North Sea development market expanding northern Caspian Sea activities sustainable shallow water business in South East Asia Strong fundamentals Due tothe global financial crisis evolving in 2008, weexpect to see some delays in awarding new build projects in 2009. However, the long term outlook for strategic new build activities is still promising and we are well positioned for the major developments in all our target markets. We expect continued high demand for maintenance and modifications services in 2009. Gjøa –anFPS with environmental focus. Our unique floating platform expertise ispart ofthe basis for our delivery of the Gjøa platform to StatoilHydro in 2010. Gjøa will be the second field off Norway tobe powered by hydroelectric power transmitted via cable from land. This will reduce carbon emissions. Developing the Kashagan field. We are playing asignificant part in developing one of the world’s largest oil fields, the Kashagan field inthe Caspian Sea. In this demanding field development wedemonstrate our competitive strength inoffshore technology inenvironmentally sensitive areas and for harsh climatic conditions. Aker Solutions annual report 2008 21
Page 3 and 4: About us Historical facts Who we ar
Page 5 and 6: About us Value chain 1 18 2 3 17 13
Page 7 and 8: About us key figures 2008 Orders an
Page 9 and 10: About us Goals and strategy Aker So
Page 11 and 12: About us Vision and values Our visi
Page 13 and 14: About us President &CEO interview C
Page 15 and 16: About us Clarity, innovation and dr
Page 17 and 18: Our business Business areas busines
Page 19: Our business Energy Development &Se
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Page 25 and 26: Our business Subsea Subsea lifecycl
Page 27 and 28: Our business Subsea Aftermeeting th
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Page 31 and 32: Our business Products &Technologies
Page 37 and 38: Our business Process &Construction
Page 43 and 44: Our business Anticipating change Oi
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Page 49 and 50: Our business People and development
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Page 53 and 54: Our business Corporate responsibili
Page 55 and 56: Our performance Contents 56 Board o
Page 57 and 58: Our performance Board ofDirectors
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Our performance Annual accounts Con
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Our performance Share and sharehold
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Notes Aker Solutions annual report
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Annual report 2008 - Aker Solutions

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