Press release:

Petoro contract worth NOK 60 million for Upax

A new contract for accounting services with associated ICT support has been awarded by Petoro AS to Upstream Accounting Excellence AS (Upax). ErgoGroup AS will deliver ICT services as Upax's sub-contractor under the NOK 60 million deal, which runs from 2009 to 2013. The accounting services relate to Petoro's management of the State's Direct Financial Interest (SDFI) on the Norwegian continental shelf.
Petoro manages the commercial aspects of the State’s Direct Financial Interest (SDFI) in petroleum operations on the Norwegian continental shelf. The company submits separate accounts for SDFI income and expenses, and has outsourced all transaction management related to these accounts since it began operations in 2001.

Upax is an authorised accountancy company specialising in the petroleum sector. It delivers full-scale accounting services as well as consultancy and advisory services in this area.

The assignment has been awarded by Petoro in accordance with the regulations on procurement in the petroleum sector. “This contact for accounting and ICT operational services related to the SDFI represents a substantial supplement to our existing customer portfolio,” says Upax chief executive Kjell Morten Jekteberg.

“It will mean a great deal for us in coming years. We look forward to a good collaboration with Petoro and regard this assignment as a vote of confidence in us and in ErgoGroup.”
Publishing date: 18-09-2008