Aker Kvaerner awarded deep water umbilicals for Blind Faith

23 February 2006 - Aker Kvaerner has been awarded a contract by Chevron, with partner Kerr McGee, to deliver an advanced dynamic umbilical, including engineering and project management, for the Blind Faith deep water development in the Gulf of Mexico. This follows the earlier award of contracts to Aker Kvaerner for the supply of the semisubmersible hull and mooring system and activities related to transportation and installation of the Blind Faith platform.

Aker Kvaerner Subsea will supply a 9500 metre dynamic steel tube umbilical, including all surface and subsea terminations to be installed in 2100 metres water depth.

“Aker Kvaerner has been involved with Blind Faith, a key asset in Chevron’s deepwater portfolio, since the concept phase - this affords us valuable synergies as we deliver the umbilical technology,” says Raymond Carlsen, executive vice president, Aker Kvaerner Subsea.

The engineering and manufacturing of the umbilical will be done in Mobile, USA, for delivery in January 2007. Aker Kvaerner’s Deepwater business unit will perform detailed dynamic analysis of the umbilicals.

Blind Faith is located approximately 260 kilometres southeast of New Orleans, on Mississippi Canyon blocks 695 and 696. Chevron holds a 62.5 percent working interest in the field, while Kerr-McGee Corp. holds the remaining 37.5 percent interest.

ENDS

For further information, please contact:

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

Suppliers:
Ron Mitchell, Vice President, Supply Chain US Aker Kvaerner Subsea. Tel: +1 713 685 5813

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 41.5 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

Contact via E-mail