Norwegian technology company Roxar ASA signs major subsea multiphase meters contract in West Africa

Sep 02, 2008 (NORDIC BUSINESS REPORT via COMTEX) -- RXARF | Quote | Chart | News | PowerRating -- Norwegian technology company Roxar ASA (OSE: ROX) said on Tuesday (2 September) that it has received a letter of intent for a subsea multiphase meters contract from an undisclosed operator in West Africa.

The proposed initial contract is valued at NOK10.1m, but according to Roxar the full contract is expected to be worth some NOK67.8m.

The contract will be delivered in March-September 2009.

Roxar called the contract its exit from the subsea doldrums, and said that it has several other subsea contracts in the pipeline.

Roxar, headquartered in Stavanger, Norway, is an international technology solutions provider to the upstream oil and gas industry. The company has 800 employees and reported revenue of NOK605.6m in 2007.

One British pound (GBP) is worth approximately 9.78 Norwegian kroner (NOK).

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