USD 235 million subsea installation deal to Aker Solutions

Aker Solutions, through its subsidiary Aker Installation FP AS, has signed a change order to an existing contract with Reliance Industries Ltd, India, for transportation, installation and commissioning of the company’s MA-D6 subsea development (2nd phase), including gas export system and production wells. Change order value is approximately USD 235 million.

Last year, Aker Solutions signed a contract for the delivery of a complete subsea production system, including umbilicals, to Reliance Industry’s fast-track MA-D6 development. Aker Solutions managed the 1st phase subsea installation of the field. The MA-D6 field, located in the Bay of Bengal, produced first oil - in record-breaking time from discovery to production - on 17 September this year.

“Reliance Industries is one of the world’s fastest growing oil companies and will be a significant player in the Bay of Bengal’s deepwater developments. Aker Solutions is proud to be selected as their partner once again,” says Egil Boyum, SVP Subsea Systems, Aker Solutions.

The 2nd phase installation is scheduled for completion by Q2 2009.

Contract party is Aker Solutions subsidiary, Aker Installation FP AS.

Aker Solutions ASA, through its subsidiaries and affiliates (“Aker Solutions”), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions’ business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.

Aker Solutions’ parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 26 000 people in about 30 countries.

Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.

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