Aker Kvaerner charters specialised offshore construction vessels from Taubåtkompaniet

The new agreement builds on the positive results achieved following Aker Marine Contractor's introduction of "Boa Deep C" in May 2004 on contracts for Statoil, Woodside and Modec. The vessel has since its introduction seen almost full utilisation, and is currently operating in the Gulf of Mexico.

Aker Marine Contractors is owned by Aker Kvaerner and Taubåtkompaniet in a 60/40 split. "We have a long track record of successful projects executed alone and in close partnership with our owners", says Torgeir Ramstad, President of Aker Marine Contractors.

The "Boa Deep C II" is currently being outfitted in Spain and is expected to enter the market at the end of 2006. This second vessel will have enhanced capabilities making it an ideal tool for working with difficult assignments in particularly harsh environments. Subsea construction and installation work can be performed down to water depths of 3 000 meters, lifting payloads of up to 400 metric tons. The vessels have built in state-of-the-art systems and duplication of key equipment providing for generous safety margins under most conditions.

Aker Marine Contractors primarily intends to employ the vessels on projects around the Atlantic rim.

For further information, please contact:

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

Torgeir Ramstad, President Aker Marine Contractors, Tel.: +47 22 94 55 05, Mob: +47 915 98 690

Ole Bjørnevik, Deputy Chairman Taubåtkompaniet AS, Tel.: +47 73 99 11 99, Mob: +47 926 14 510

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. 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, 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 35.6 billion and employs approximately 22,000 people in more than 30 countries.
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.

The Aker Kvaerner group consists 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.

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