Statoil Awards Samsung Heavy Industries NOK2.3 Billion Topside Pact

Norwegian oil and gas major Statoil (STO) Wednesday said Samsung Heavy Industries Co. Ltd. (010140.SE) got a NOK2.3 billion ($412 million) contract for construction of topsides at the Valemon platform in the North Sea.

Statoil said the contract covers engineering, procurement and construction of the topsides and living quarters, as well as an option for additional construction.

"Several suppliers based in Norway will also benefit from this contract award as sub-contractors for Samsung," Statoil said in a statement. "In addition there will be deliveries under Statoil's other frame agreements."

Norwegian firm Grenland Group (GGG.OS) and France's Technip SA (TEC.FR) will perform engineering work related to the construction, Statoil announced Wednesday.

The Valemon field will be one of Statoil's largest development projects on the Norwegian Continental Shelf in the time ahead. The field is estimated to contain about 206 million barrels of oil equivalent.

Statoil is the operator of the field with a 64.3% ownership. Its partners are Total (TOT) with a 2.5% stake, Royal Dutch Shell PLC (RDSA) subsidiary Enterprise Oil with 3.2% ownership and Norwegian state-owned Petero with 30% ownership.

At 0831 GMT Statoil shares traded 0.6% higher at NOK144.10.

-By Katarina Gustafsson, Dow Jones Newswires [phone]; [e-mail]