(NYSE:EQNR)

Norwegian oil and gas giant Statoil (NYSE:EQNR) renewed an agreement with energy-industry services specialist FMC Technologies (NYSE:FTI) to provide subsea operations services for its developments on the Norwegian Continental Shelf.

FMC's senior vice president of subsea technologies said: "FMC Technologies has supported Statoil's subsea development efforts for more than two decades. This agreement will provide continued life-of-field support for many of Statoil's developments."

The agreement runs for five years with options for three additional three-year extensions and will be worth about $1.48 billion over the life of the agreement.

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The oil and gas driller's chief procurement officer, Jon Arnt Jacobsen, said, "We see an increasing need for maintenance of wells and subsea systems as part of extending the life of fields offshore."

Statoil is targeting the Norwegian continental shelf as a region for substantial, long-term value creation, producing around 1.4 million barrels.