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Aker Kvaerner contract for Hydro's Tune A Phase 2

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Aker Kvaerner's subsea company, Kvaerner Oilfield Products will deliver engineering, procurement, and construction of a wellhead system, subsea production tree, production guide base, control system, and protection structure. Design, procurement, fabrication and testing will be carried out through 2004 and 2005. Delivery of the wellhead system is planned for autumn 2004, with the rest of the equipment scheduled for summer 2005. The contract is based upon the mutual frame agreement for subsea equipment between Hydro and Kvaerner Oilfield Products (KOP).


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For further information, please contact:


Kjell Garvik, VP Sales and Marketing Europe, Kvaerner Oilfield Products, Tel: + 47 67 82 64 44


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.


Subsea
 is one of six business areas in Aker Kvaerner and is headed from Houston. Aker Kvaerner is a leading provider of subsea systems for oil and gas production. We support all aspects of a subsea field development from initial concept screening through front-end engineering, detail design, procurement, fabrication and manufacturing, assembly and test, installation, commissioning and life of field support.


Kvaerner Oilfield Products
 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. Kvaerner Oilfield Products' 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. Kvaerner Oilfield Products' capability is available for both new and existing fields either as individual activities or complete packages. Eureka Pump Systems, as part of Kvaerner Oilfield Products, 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

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