AF Gruppen stated that the contract has a value of NOK160 million. The letter of intent includes options for minor work after the decommissioning is finished. The engineering firm’s AF Decom Offshore business unit will carry out the project.

The loading buoy is located on the British continental shelf and weighs more than 4,000 tons and is 90 meter high. The buoy in addition to a smaller subsea installation will be released from its anchor pile and towed to AF Gruppen’s decommissioning plant at Vats, Haugesund.

Preliminary work will start immediately, while work offshore will take place in June and July 2008. The dismantling will be completed during 2008.

According to Pal Ronn, CEO of AF Gruppen, the agreement with Venture North Sea Oil will further increase AF Decom Offshore’s competence and strengthen its position as a main supplier of offshore decommissioning services.