Statoil Brasil Oleo e Gas Ltd has agreed to dispose 6.5% stake in BM-S-8 block in Santos Basin, offshore Brazil, to ExxonMobil Exploracao Brasil Ltda.

ExxonMobil Exploracao Brasil Ltda is a subsidiary of Exxon Mobil Corporation, and Petrogal Brasil SA, a subsidiary of Galp Energia SGPS SA.

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The transaction involves a sale consideration of approximately $250m, including an upfront cash payment of $155m and a contingent cash payment of approximately $95m.

The BM-S-8 block extends over an area of 4,864km². The field holds estimated recoverable resources of 2,000 million metric barrel (Mmb) of oil.

Exxon Mobil has concurrently agreed to acquire a 33% stake in BM-S-8 block from Statoil for a cash consideration of approximately $1.3bn.

Following the completion of the transactions, the block will be owned by Statoil (36.5%, operator), ExxonMobil (36.5%), Petrogal Brasil (17%), and Barra Energia do Brasil Petroleo e Gas Ltda (10%).

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“The three-year contract also includes an option to extend the activities for a period of six years.”

DeepOcean has been awarded a $37m contract by Aker BP ASA to deliver subsea inspection, maintenance, and repair (IMR) services to assets off the coast of Norway.

Under the contract, DeepOcean is responsible to provide onshore planning, engineering and project management services for Valhall, Hod, Ula, Tambar, Ivar Aasen, Alvheim and Skarv fields on the Norwegian Continental Shelf.

The three-year contract also includes an option to extend the activities for a period of six years.

Akastor ASA and Mitsui & CO LTD (Mitsui) have signed a memorandum of agreement (MoU) to extend their existing partnership to include AKOFS Offshore (AKOFS).

Under the MoU, Mitsui along with potential partners will acquire 50% stake in AKOFS to form a new 50-50 joint venture.

Mitsui and Akastor are intended to play an active role in the development of AKOFS upon completion of the transaction.

The transaction is scheduled for completion in the first quarter of 2018.