Statoil ASA (STO)

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Statoil again cuts cost of developing Sverdrup oilfield
Statoil (STO -0.3%) again cuts its estimated cost of developing Norway's Johan Sverdrup oilfield, the largest North Sea discovery in decades, and announces contract awards for the second and final construction phase.
STO now sees overall field development expense at NOK137B-NOK152B ($16.2B-$18B), down from a previous range of NOK140B-NOK170B seen in August, which itself was lower than an earlier outlook for NOK220B in costs.
Germany's Siemens (OTCPK:SIEGY) and Norwegian engineering firms Kvaerner and Aker Solutions win contracts for the second phase, although STO does not plan to make a formal investment decision until H2 2018.