ABB will charter one of Aker Solutions' new vessels for installation campaigns during 2012 and 2013. Aker Solutions estimates that this can generate revenues up to NOK 500 million.

The agreement also includes options for further campaigns in the period 2014 - 2016. Key deliverables from Aker Soutions will in addition to the vessel include project management, engineering and offshore execution.

The vessel is a state-of-the-art installation vessel uniquely equipped to install long, heavy power cables and subsea umbilicals. It is one of Aker Solutions' vessels already under construction. The vessel will be called Aker Connector and will be ready for operations from 2012.

For Aker Solutions the agreement means higher predictability with regards to vessel utilisation and associated operations such as engineering, installation planning and execution of the installation activities.

ABB and Aker Solutions have also entered into a strategic cooperation agreement where the two parties have ambitions to combine their strengths within power cables (ABB) and installation services (Aker Solutions) in selected projects.

"This is an agreement with excellent strategic potential, and I am very pleased that ABB has chosen us as their partner," says Svein Haug, president of Aker Solutions' marine operations unit, Aker Marine Contractors AS.

"The vessel hire is just one, but important, part of this deal. However, it will offer us greater visibility with regards to vessel planning and utilisation. We have already as a result of this agreement started to supply engineering services to ABB in order to increase ABB's capacity within the field of marine installation, which is a market that we expect to grow over the coming years," adds Haug. Aker Solutions' contract party is Aker Marine Contractors AS.