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Altus Intervention signs a framework agreement with Statoil within plugs

17th February 2017

Altus Intervention has signed a framework agreement with Statoil for the provision of Downhole Mechanical Isolation (DMI) services. The framework agreement has a potential contract period of up to 10 years and represents a breakthrough for plug technology developed by the company.

Prime Plug is a V0 qualified temporary well barrier
Prime Plug is a V0 qualified temporary well barrier

The contract has a fixed term of two years plus four two-year options, with an overall potential contract period of 10 years. The agreement gives Statoil access to the Altus Intervention plug technology for application during either temporary or long-term closure of wells. The technology behind Prime Plug is developed and manufactured by Altus Intervention and delivered both in the North Sea and globally. The agreement commenced on 1 February 2017.

Prime Plug is a V0 qualified temporary well barrier, with a unique design and features, ensuring that it is inserted and retrieved in challenging well service operations – with two different methods providing a failsafe for predictable retrieval. The plug has high reliability, is cost-effective and can be deployed with either wireline, tractor or coiled tubing.

In addition to the new framework agreement within DMI, Statoil has awarded the contracts for Power Mechanical Service (PMS) and Mechanical Wireline Service (MWS) to Altus Intervention in the past seven months.

The contract for PMS applies to Heidrun, Statfjord, Snorre, Sleipner and Statoil satellite fields. The agreement runs for two years. The MWS contract is 16 permanent NCS installations with a fixed period of 4 years plus three two-year options, and a potential contract period of 10 years.

“This Plug contract is an important milestone for Altus Intervention and helps to strengthen the breadth of our total delivery,” Åge Landro, CEO of Qinterra Group, commented. “When clients such as Statoil award contracts covering several service areas within the well segment to us, they gain access to the full breadth of expertise in advanced well intervention. The result is a seamless operations management from our onshore experts to our multi-disciplined offshore crews – all with access to the North Sea's largest and most advanced fleet of equipment.”

 

 

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