Aker Kvaerner awarded subsea frame agreement for Petrobras

28 July 2006: Aker Kvaerner has been awarded a two year frame agreement to supply subsea christmas trees to Brazil’s national oil company Petrobras. The contract has a value of approximately USD 84 million.

The scope of work comprises 30 subsea christmas trees with associated tools. First call-off is to comprise 9 dual-bore christmas trees designed to 2000 metre water depth plus associated sets of tools. Deliveries are to be completed from Aker Kvaerner’s facility in Curitiba, Brazil, for delivery in the next 12 months. The duration of the frame agreement is two years, with an option to extend by one year.

“This award confirms not only Aker Kvaerner’s performance and close cooperation with Petrobras on previous similar projects, but also Aker Kvaerner’s established position as a strong supplier of christmas trees in Brazil,” says Raymond Carlsen executive vice president, Aker Kvaerner Subsea.

Aker Kvaerner has extensive experience delivering subsea trees in Brazil, having delivered more than 130 subsea christmas trees to Petrobras since the start of operations in Brazil.

The agreement is signed between Aker Kvaerner Subsea Brazil and Petróleo Brasileiro S.A.

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, 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 23 000 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 62 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 Subsea’s 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 Subsea’s capability is available for both new and existing fields either as individual activities or complete packages.

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

Aker Kvaerner’s dual-bore subsea christmas tree to be delivered to Petrobras in Brazil:

Contact Information

Renee Mead

Communications Manager

Aker Kvaerner Subsea

Contact via E-mail