Aker Kvaerner contract for arctic bow loading systems

9 March 2006 - Aker Kvaerner has been awarded a contract with Samsung Heavy Industries Co. Ltd in South Korea for delivery of bow loading systems for three new shuttle tankers able to operate in arctic conditions. Another contract for delivery of two additional systems has also recently been signed with a Norwegian shipowner. The total contract value for the two contracts is approximately NOK 50 million. The equipment will be delivered from Aker Kvaerner’s business unit Aker Kvaerner Pusnes in Arendal, Norway.

The contract with Samsung involves supply of bow loading equipment, for offshore loading, for three shuttle tankers to be built at Samsung Heavy Industries Co. Ltd for the Russian ship owner Sovcomflot.

Leif Haukom, President of Aker Kvaerner Pusnes, commented: “The award of the contract with Samsung confirms the growing need for this new type of inboard bow loading system as more oil and gas fields are developed in arctic areas. This type of equipment was first delivered in 2005 to Hyundai Heavy Industries Co. Ltd’s five shuttle tankers for ExxonMobil’s Sakhalin project in northeastern Russia”.

In contrast to the more traditional bow loading systems, this alternative system involves offshore loading where the 20" hose connection point is located well within the deck area of the shuttle tanker. Traditional shuttle tankers have an external connection point, coupler, protruding from the bow of the shuttle tanker during loading. A dedicated mooring system is included as part of the total equipment package for securing the shuttle tanker to the offloading facility.

The second contract with a Norwegian shipowner involves two traditional Pusnes bow loading systems to be installed on shuttle tankers that will be operating off the coast of Brazil. Aker Kvaerner Pusnes has delivered more than 70 of such systems globally, and the new contracts confirms the company’s market position

Integrated safety features play a high role in equipment of this type. These features include; fail-safe brakes, interlock systems, stored energy system, load monitoring, intelligent sensors, and emergency release system to allow quick disconnect.

While the design and technology is developed by Aker Kvaerner Pusnes, all the equipment will be manufactured by subcontractors in Europe and South Korea. Delivery for the three shuttle tankers for Samsung will take place between January 2007 and December 2007. The two systems for use offshore Brazil are to be delivered at the end of 2006.

ENDS

AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 20 000 people in more than 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40 000 employees and NOK 60 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

Aker Kvaerner Pusnes is a world leader in design and supply of all types of deck machinery and mooring systems for marine and offshore applications. Aker Kvaerner Pusnes also develops Bow Loading Systems (BLS), equipment enabling shuttle tankers to receive and secure a mooring line and hose from an offshore production facility for loading of load crude oil. Aker Kvaerner Pusnes is also experienced in Stern Offloading Systems (SOL), equipment installed at the stern of an FPSO/FSO enabling transfer of the mooring line and hose to a shuttle tanker for loading of crude oil.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com

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Siw Anett Enerud

Communication manager

Aker Kvaerner Products & Technologies

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