Aker Kvaerner awarded floater installation contract with BP Norway

BP Norway has awarded Aker Kvaerner a contract for tow and installation of a floating production storage and offloading unit (FPSO). The FPSO will be installed at the Skarv field in the North Sea. The total contract value is approximately NOK 300 million.

The scope of work includes pre-installation of the 15 leg mooring system, tow from South Korea to Norway and transportation and installation of the FPSO. The work will be executed by the Aker Kvaerner subsidiary, Aker Marine Contractors.

“Our company has extensive experience in installing floating production units. More than ten projects have been executed in a period of 12 years in different parts of the world. This award confirms our position in this exciting FPSO market,” says Torgeir Ramstad, President for Aker Marine Contractors.

The new-built offshore construction vessel BOA SUB C, on long term charter for Aker Marine Contractors, will be used for the mooring pre-installation. The vessel is equipped with diesel-electric propulsion, dynamic positioning class, 3 400 tonnes active heave compensated crane and 600 tonnes anchor handling winch. The vessel is tailored to perform mooring and subsea installation work up to 3000 meters in depth. The BOA SUB C vessel is currently engaged in several projects in the Gulf of Mexico. Other vessels for this operation will be sourced from Maersk Supply Service.

Pre-installation of the 15 leg mooring system will be executed in 2010, while transportation and installation of the complete FPSO will be executed in 2011. The planning and engineering will commence in January 2008.


For further information, please contact:

Media:
Siw Anett Enerud, Communications manager, Aker Kvaerner Products & Technologies. Tel.: +47 22 94 71 92, Mob: +47 95 19 34 15

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact Richard Reynolds, vice president global supply chain. Tel.: +44 1224 424868

Career opportunities:
Visit http://www.akerkvaerner.com/Internet/CareerCentre

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 and Power Generation. The Aker Kvaerner group is organised in 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 50 billion and employs approximately 24 000 people in about 30 countries.

Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

Aker Marine Contractors provide marine operational and contracting services to the oil and gas industry world-wide. These services include concept development, detail engineering, procurement, fabrication, and the performance of marine operations such as sub-sea construction and installation activities. Aker Marine Contractors shoulder the responsibility for substantial values, especially when towing and installing floating facilities, gravity base structures, and platform decks. Aker Marine Contractors together with partners possess the competence and the specialised equipment needed to successfully plan, engineer, and install subsea structures, risers, umbilicals, flowlines and mooring systems in ultra-deep waters.

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