Aker Kvaerner awarded copper mine construction contract

25 July 2006 - Aker Kvaerner has signed a contract with Phelps Dodge Mining Company for construction of a greenfield copper mine near Safford, Arizona. The total contract value for Aker Kvaerner is approximately USD 80 million and will be booked as order intake in the second quarter 2006.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner Industrial Constructors, Inc. in Tucson, Arizona. The scope of work includes supply of crusher, conveyor, Solvent Extraction Electro-Winning (SXEW) and infrastructure installation.

The new agreement is the latest in a series of contracts for process installations and related construction activities at Phelps Dodge Mining Company properties. This contract also represents another step towards Aker Kvaerner Industrial Constructors being recognized as a premier copper processing facility constructor.

“Aker Kvaerner’s commitment to this successful project delivery is based on our competencies and our strong HSE core values. These principles are key in maintaining the trust of our valued and long-time customer, Phelps Dodge” says Boyd Cox, President of Aker Kvaerner Industrial Constructors, Inc.

ENDS

For further information, please contact:

Media:
Donna Rougeaux, Manager Communications, Aker Kvaerner Oil, Gas, Process & Energy. Tel: +1 713 270 2407
Jack Cook, Manager Business Developmement, Aker Kvaerner Industrial Constructors. Tel: +1 520 917 5467

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, Tel: +47 67 51 30 39

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact: Frank Henry - +1 713 270 3606.


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 21 000 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 62 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.

Oil, Gas, Process & Energy executes technology development, facility services and engineering and construction services for industries as diverse as Oil & Gas Onshore and Offshore Developments, Chemicals & Polymers, and Mining & Metals. We deliver a full spectrum of capital development projects and life-cycle services through a portfolio of global businesses. With an annual turnover of US $1.3 billion, Oil, Gas, Process & Energy (OGPE) business area of Aker Kvaerner employs more than 5,975 people operating worldwide.

Aker Kvaerner Industrial Constructors (AKIC), with offices in Houston, Texas and Tucson, Arizona, provides non-union construction and construction management services worldwide to a wide range of industries, such as the refining, petrochemical, oil & gas, power generation, chemical, mining and metals, pulp and paper, pharmaceutical, biotechnology industries, and LNG regasification terminals. Construction services include pre-construction planning; procurement and materials management; non-union direct-hire construction and turnarounds; safety management; subcontract management; environmental, health & safety management; quality management; commissioning and start-up support; and maintenance. Drawing from a vast pool of construction professionals with extensive experience in these industries, AKIC provides teams of managers, superintendents, specialists and specialty craftsmen tailored to any specific project.

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

Donna Rougeaux

Manager Communications

Aker Kvaerner Oil, Gas, Process & Energy.

Contact via E-mail