Aker Kvaerner to supply advanced deep water umbilicals for Tahiti

14 February 2006 -Aker Kvaerner has been awarded a contract for the supply of dynamic and static umbilicals by Chevron for the Tahiti project, a deep water development in the Gulf of Mexico. As a leader in deep water applications of dynamic services, Aker Kvaerner’s advanced dynamic umbilicals offer superior performance in deep water. 14 Feb 06



The new contract signed by Aker Kvaerner Subsea with Chevron North America Exploration and Production Company includes the design, fabrication, inspection and testing of four dynamic, steel tube umbilicals totalling 21,300 meters (69,900 feet) in length, and one static umbilical 2865 meters (9,400 feet) long with all required topside and Subsea terminations. Aker Kvaerner’s Deepwater business unit will perform detailed dynamic, fatigue, and interference analysis of the umbilicals to be installed in 1220 to 1370 meters (4,000 to 4,500 feet) of water.

“Predictable performance is an important consideration for operators - technical superiority, a proven construction technique and in-depth analysis gives us great confidence in this technology,” says Svein Haug, senior vice president Umbilicals and Risers, Aker Kvaerner Subsea.

The steel tube umbilicals will be manufactured at Aker Kvaerner Subsea’s state-of-the-art facility in Mobile Alabama, USA, and will be delivered by the end of first quarter 2007 to the Tahiti project.

This contract was signed and booked in the fourth quarter of 2005.

ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 30 39

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 20 000 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 60 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.

Aker Kvaerner Subsea is a leading provider of a complete range of surface and subsea solutions for the oil and gas industry - from concept screening and design through manufacturing, fabrication and commissioning. Aker Kvaerner Subseas’ ability as a world-wide total system provider is backed by a wide portfolio of products which are maintained for the complete life of field. Aker Kvaerner Subseas’ capability is available for both new and existing fields either as individual activities or complete packages.

Eureka Pump Systems, as part of Aker Kvaerner Subsea, has extensive project, engineering and production resources offering specialised pumping technology and products to the offshore, FPSO and subsea markets world wide. Eureka Pump Systems also serves the global subsea market with a complete range of Subsea Boosting products.

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

Renee Mead

Communications Manager

Aker Kvaerner Subsea

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