Aker Kvaerner contract for DeepStar Study

The study is scheduled to be completed within December 2004. Aker Kvaerner Oil, Gas and Process International Inc. in Houston will be responsible for the contract, drawing on the expertise from the entire global Aker Kvaerner group. Key partners in executing this semisubmersible study are Stress Engineering Services in Houston and Aker Kvaerner's subsidiary Aker Marine Contractors, specializing in marine operations and installation.

"This award underlines our strong position in the semisubmersible production floater market segment in general and the ultra-deepwater Gulf of Mexico semisubmersible market segment in particular.  The Aker Kvaerner Deep Draft Semisubmersible (DDS), which we have spent the last three years developing, will form the basis for this study", said Knut Eriksen, Senior Vice President of Aker Kvaerner's deepwater business unit.

"This award represents a recognition of this dedicated development work and is a step in the process of making Aker Kvaerner the premier contractor for ultra-deepwater semisubmersible production floaters", said Risto Neuvo, President of Aker Kvaerner's deepwater business unit.

DeepStar Phase VII Participants are Anadarko, BP, ChevronTexaco, ConocoPhillips, Eni, Kerr-McGee, Marathon, Petrobras, Total and Unocal.  DeepStar is a leader in the development of technologies to meet the industry's deepwater business needs including a focus on production systems for 10,000 ft water depth.

For further information, please contact:
Geir Arne Drangeid, SVP Group Communications, Aker Kvaerner. Tel: +47 913 10 458
Torbjorn Andersen, Vice President, Group Communications, Aker Kvaerner Tel: +1 713 270 3618
Investor relations:
Lasse Torkildsen, Vice President, Group Investor Relations, Aker Kvaerner. Tel: +47 911 37 194

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 span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries. 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.
Oil, Gas, Process & Energy executes technology development, engineering and construction services for industries as diverse as Oil & Gas Onshore and Offshore Developments, Chemicals & Polymers, Pharmaceuticals, Government Services, and Mining & Metals. Our broad range of technical expertise and program services has been molded to support the life cycles of the industrial and technology-based companies that form the backbone of our economy.
Aker Kvaerner OGP Inc. is a business unit within the OGPE business area and the Center of Excellence for GoM offshore, LNG regassification, gas processing, methanol and polymers and power generation. The company is providing engineering, procurement, construction management and project management for clients worldwide.

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

Please visit our web page www.akerkvaerner.com, or the project web page www.deepstar.org