Aker Kvaerner wins project at Aguas Teñidas mine in Spain

11 September 2006 - Aker Kvaerner has been awarded a letter of intent for deliveries to Iberian Minerals Corporation’s (formerly PGM Ventures) new processing plant at its Aguas Teñidas mine in southwest Spain. The scope includes engineering, procurement, commissioning and construction management services. This award follows the successful completion by Aker Kvaerner of the design study for the copper, zinc and lead processing plant at the mine.

The order for the main milling and grinding equipment has already been placed and work on the engineering will begin immediately. The plant is scheduled to be completed in 2008.

“We are delighted to be working with Iberian Minerals Corporation on this world-class ore deposit, and believe our extensive experience in ore processing facilities will be valuable in optimising process routes,” said Dave Ley, President of Aker Kvaerner Engineering Services. The Aguas Teñidas mine is located in the northern most portion of the Iberian Pyrite Belt in southwest Spain, about 80 km west-northwest of the city of Seville. Iberian Minerals Corporation completed the acquisition of the mine last year.

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, 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 23,000 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 50 000 employees and NOK 80 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.

AK Engineering Services is the trading name of Aker Kvaerner Engineering Services Ltd., a wholly owned subsidiary of AKER KVAERNER ASA and the legal entity responsible for the execution of the contract. AK Engineering Services provides total asset life cycle solutions including conceptual design, engineering, procurement, project management, construction and commissioning, through to operation and maintenance services, modifications and process improvements.

PGM Ventures Corporation is engaged in the acquisition of properties or projects that are in the advanced stage of development, and are ready to be placed into production, or be bought back into production in a reasonable period of time. Presently PGM Ventures is focused on the re-opening of the Aguas Teñidas Mine in southwest Spain. In addition PGM maintains an interest, in conjunction with their joint venture partner Richview Resources, in the Thierry mine, another former producer positioned to be an ongoing concern. As well the Company continues exploration activities to identify other overlooked opportunities.

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

Vanessa Mourant

Aker Kvaerner ASA

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