Aker Kvaerner awarded major gold mine project

19 April 2006 - Aker Kvaerner in joint venture with Clough Murray & Roberts (CMR) has been awarded a contract for the expansion of the Boddington Gold Mine Project, located 130 kilometres southeast of Perth, Western Australia. The contract value is AUD 111 million, of which Aker Kvaerner’s scope is about 60 per cent. The award follows the successful completion of the pre-engineering contract of AUD 4 million.
The work is expected to be completed late 2008 and includes engineering design, procurement and construction management (EPCM). The previous, largely oxide operation is being expanded to treat primary ore at a rate of approximately 35 million tonnes of ore per annum producing around 850,000 ounces of gold and 200,000 tonnes of copper concentrate per annum. The joint venture is a collaborative effort between CMR, and Aker Kvaerner operations in Melbourne, Australia, and Santiago, Chile. Aker Kvaerner in Chile will provide established experience and relief from local resource shortages, whilst performing the bulk of the detailed engineering for the process plant area.

Tom Quinn, Managing Director of Aker Kvaerner Australia, comments, “This is a great opportunity for CMR and Aker Kvaerner to continue our successful partnership based on leveraging our complementary skills and developing a significant international scale project in Western Australia for major resource clients. The use of high pressure grinding rolls provides a unique occasion to expand this technology prospect within the Australian gold mining industry.”

Dave Lawson, President of Aker Kvaerner Metals, continues, “This project will be an opportunity to highlight Aker Kvaerner’s global engineering and procurement capability on a high profile gold project.”

Boddington represents one of the world’s largest undeveloped gold projects. The project owner, Boddington Gold Mine Management Company, is a joint venture between Newmont Mining Corporation (66.67 per cent) and AngloGold Ashanti Limited (33.33 per cent).

This contract was booked as part of the order backlog in 2005.

ENDS

For further information, please contact:

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact:

Rune Christensen, Aker Kvaerner Clough Murray Roberts, Australia. Tel + 61 3 9272 3251s

Edwin Trench, Aker Kvaerner Clough Murray Roberts, Chile. Tel + 56 2 336 3500

Investor relations:
Lasse Torkildsen, Vice President, Group Communications, Aker Kvaerner. 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.

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

Aker Kvaerner Australia is a leading total lifecycle provider of project and plant services. We provide innovative and technology based solutions to our customers in the Oil & Gas, Refining & Chemicals and Mining & Metals industries.

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

Torbjorn S. Andersen

Senior Vice President, Group Communications

Aker Kvaerner

Contact via E-mail