Aker Kvaerner awarded contract for generating station

22 December 2006 - Aker Kvaerner Songer Canada Ltd. in joint venture with Burns and McDonnell has been awarded an Engineering, Procurement and Construction contract to construct the Halton Hills Generating Station, a 683 mega watt natural gas fueled, combined cycle facility for TransCanada Corporation. Aker Kvaerner Songer Canada’s portion is valued at approximately CDN 175 million.

The project site of approximately 80 acres will be occupied by the generating station and its associated facilities. The construction and commissioning of the facility will have a schedule of approximately 33 months and will employ approximately 300 local craftworkers.

“This project represents a significant milestone in living our vision to be the preferred partner for projects, products and services in the energy sector. I am pleased that Aker Kvaerner Songer Canada Ltd. was selected to be a partner in this important project by TransCanada.” Says Martinus Brandal, President & CEO of Aker Kværner ASA.

The Halton Hills Generating Station natural gas fueled 2x1combined cycle power plant is planned to generate 683 mega watts of electricity from two gas turbine generator sets, two heat recovery steam generators and one 300 mega watt steam turbine generator.

TransCanada will plan, develop, own and operate the generating station. TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure. TransCanada’s network of more than 41,000 kilometres (25,600 miles) of pipeline transports the majority of Western Canada’s natural gas production to key Canadian and U.S. markets. A growing independent power producer, TransCanada owns, or has interests in, approximately 7,700 megawatts of power generation in Canada and the United States.


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 24 000 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 percent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

Oil, Gas, Process & Energy. The Oil, Gas, Process & Energy business area of Aker Kvaerner 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, The Oil, Gas, Process & Energy (OGPE) business area of Aker Kvaerner employs more than 5,975 people operating worldwide.

Aker Kvaerner Songer Canada is the union construction arm of Aker Kvaerner, which provides a full range of construction, maintenance and renovation services to the Canadian industrial sector. Its services are characterised by the highest standards of safety, quality, teamwork, innovation and cooperation, thus enabling us to respond to the needs of our customers and deliver on-time and in-budget performance. Direct hire union construction, maintenance and renovation services are provided to the power, steel, chemical, petro-chemical, and other industrial sectors in Canada. In addition, Aker Kvaerner Songer Canada provides construction management and project planning services to the above sectors on an international basis.


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

Torbjørn Andersen

SVP Group Communications

Aker Kværner ASA

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