Aker Solutions awarded FEED contract for Kashagan Full-Field project development

Aker Solutions announced today that, in a joint venture with CB&I and WorleyParsons, it has received a front-end engineering and design (FEED) services contract for Phase II of the full-field development of the Kashagan oil field in Kazakhstan. The contract value is GB£90M (USD 135 million).

“We are very pleased that we have been awarded this important contract for the development of the Kashagan field. It confirms that we are very well positioned for an active role in this field development. The Kashagan field is at the core of our strategy for our international field development business. This contract demonstrates our competitive strengths within offshore technology in environmentally sensitive areas, harsh climate conditions as well as international contracting with a high level of local content. We look forward to working with our partners on this very important field development,” says Simen Lieungh, President & CEO of Aker Solutions.

The scope of work for Phase II includes the front end engineering and design of both onshore and offshore facilities and pipelines. The FEED contract also includes options for early works, detail engineering, procurement services, technical assistance, and design/system integrity. Additionally, the contract provides for optional FEEDs for other Kazakhstan oil fields (Aktote, Kairan, and Kalamkas).

Work on the project, initiated after tender under a letter of intent issued by Agip KCO, began on 3 November 2008 and is expected to be completed in the first quarter of 2010. Additional options might extend the work up to an 8-year period.

Shareholders in the Joint Venture company (K-WAC Limited) are: WorleyParsons Europe Ltd (45%),CB&I UK Ltd (25%), Aker Engineering & Technology AS (30%).

Aker Solutions and WorleyParsons are engaged in the execution of Phase 1 of the Kashagan Project (the Experimental programme) performing detailed design, fabrication and hook-up.

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.