The agreement will make Aker Kvaerner's subsea division a preferred supplier to deliver complete subsea solutions to Statoil's new field developments as well as additional equipment to new and existing fields. The frame agreement for aftermarket services is valid for new fields.

The agreement for delivery of subsea production systems is awarded for a five year period with an optional period of two (2) x two (2) years. The contract for operational services will run for five years.

"This is an extremely important contract for us," says Raymond Carlsen, executive vice president, Aker Kvaerner Subsea. "Statoil and Aker Kvaerner are two companies that for many years have played a leading role in developing new subsea technologies for the global oil and gas industry. We have already worked in partnership with Statoil for a number of years and look forward to building on this relationship."

The extent of the frame agreement is first and foremost to cover Statoil's needs on the Norwegian continental shelf. However, the agreement can also be made applicable to field developments in other areas of the world.

Raymond Carlsen added: "Aker Kvaerner has for many years been a major player on the Norwegian continental shelf. We believe this experience, coupled with our extensive subsea know-how from the world's deepwater regions as well as other areas with harsh climatic conditions, makes us a good match for a leading operator like Statoil."

The contract between Statoil and Aker Kvaerner is expected to be signed - and made effective - in the second half of September 2007.

ENDS

 

Media:
Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542

Endre Johansen, communications manager, Aker Kvaerner Subsea. Tel: +47 22 94 58 91, Mob: +47 416 10 605, E-mail: endre.johansen@akerkvaerner.com

 

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

 

Suppliers:
Roger Lunde, VP, Global Supply Chain, Aker Kvaerner Subsea. Tel: +47 32 85 94 78

 

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 23 000 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 40.1 per cent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

 

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