Aker Kvaerner subsea technology wins OTC Spotlight on New Technology award

24 April 2006 - Officials with the 2006 Offshore Technology Conference (OTC) have selected Aker Kvaerner’s Multibooster subsea boosting technology to win an OTC.06 Spotlight on New Technology Award. The award showcases advanced technologies for the offshore oil and gas industry. Companies exhibiting at this year’s OTC submitted entries detailing why their innovative technology should be in the spotlight at OTC.

Aker Kvaerner’s MultiBooster subsea multiphase pump system increases oil recovery and enables longer step-out distances between subsea assets and host facilities by adding energy to the wellstream which allows for a lower well-head pressure and increased production rates. The design provides several benefits when handling multiphase flow, including a wide performance envelope and high pressure boost at high gas content.

“We are delighted to again be recognised with a ’Spotlight on New Technology Award’ for another of our innovative technologies. We see great potential for this boosting technology and have already achieved some landmark milestones in its development and application,” says Raymond Carlsen, executive vice president, Aker Kvaerner Subsea.

To be considered for the award, each technology must be new and innovative; proven, either through full-scale application or successful prototype testing; have broad interest and appeal for the industry; and provide significant benefits beyond existing technologies.

The MultiBooster pump system has been installed and is operational at the Lyell field, Scotland, with two more systems planned for BP’s King project in the Gulf of Mexico scheduled for start-up early next year.

The MultiBooster is one of 13 new and innovative technologies that will be recognised during OTC.06. Other winners include Baker Oil Tools, Draka Marine Oil and Gas, Halliburton, PowerWell Services, ProPure, Schlumberger, V-Tech AS and Weatherford International Ltd.

The winning technologies will be honoured at the Spotlight on New Technology presentation on Monday, 1 May at 4:00 p.m. during OTC .06 at the Reliant Center at Reliant Park in Houston.

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 Subsea is a leading provider of a complete range of surface and subsea solutions for the oil and gas industry - from concept screening and design through manufacturing, fabrication and commissioning. Aker Kvaerner Subseas’ ability as a world-wide total system provider is backed by a wide portfolio of products which are maintained for the complete life of field. Aker Kvaerner Subseas’ capability is available for both new and existing fields either as individual activities or complete packages.

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

Contact Information

Renee Mead

Communications Manager

Aker Kvaerner Subsea

Contact via E-mail