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ConocoPhillips Expands North Sea Deal With Aker Solutions

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Aker Solutions recently won a three-year extension to the current framework contract for maintenance and modifications activity at ConocoPhillips’ (COP - Free Report) North Sea fields.

Per the agreement, Aker Solutions will continue to serve ConocoPhillips as its chief supplier of maintenance and modifications work in offshore Norway. Aker Solutions’ office in Stavanger and its fabrication yard in Egersund will oversee the maintenance activity. The deal will also generate working opportunities for the company’s offshore workers.

The agreement will extend from January 2021 to the end of 2023 and will be reserved as order intake in the third quarter of this year. Further, the value of the new deal will be decided on the future call-offs for maintenance and modifications work and is estimated to vary between $33.2 million (NOK 300 million) and $77.5 million (NOK 700 million) per annum. However, management at the Norwegian oilfield services provider stated that this range does not signify the minimum or maximum deal value and is susceptible to change.

About ConocoPhillips

Headquartered in Houston, TX, ConocoPhillips is primarily involved in the exploration and production of oil and natural gas. The company, founded in 1875, has a strong presence with conventional and unconventional plays in 16 countries. ConocoPhillips’ low risk and cost-effective operations are spread across North America, Asia, Australia and Europe. This upstream energy player also has a foothold in Canada’s oil sand resources and has exposure to the developments related to liquefied natural gas.

Zacks Rank & Key Picks

ConocoPhillips currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Murphy USA Inc. (MUSA - Free Report) , CNOOC Limited (CEO - Free Report) and SilverBow Resources Inc. (SBOW - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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