Aker Kvaerner contract for modification of Hydro Brage platform

5 December 2006 - Hydro has awarded Aker Kvaerner in Bergen, Norway, a contract for upgrading of the system for reinjection of produced water on the Brage platform. The scope of the contract includes engineering, procurement and constructional installation. The contract value is approximately NOK 150 million and project completion is scheduled for the end of 2008.

The Brage modification project will be executed by Aker Kvaerner in Bergen. Pre-fabrication of steel and pipework will be carried out at the company’s workshops. Design and procurement will begin immediately and pre-fabrication will start in April 2007. The offshore installation work will take place during 2007 and 2008. The main scope will be installed during a shut-down in 2008.

Maintenance and modification work is one of the core business streams in Aker Kvaerner and is a key strategic focus area for the company in the North Sea and internationally. Aker Kvaerner has established broad competence within this market segment through long term contracts with the operating companies.

ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, VP Investor Relations, 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, 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 24 000 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 50 000 employees and NOK 80 billion revenues. Aker owns 50.01 percent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

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

Torbjørn S. Andersen

SVP Group Communications

Aker Kvaerner ASA

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