Aker Kvaerner deepwater subsea contract

The fields are located in up to 9 000 feet of water and are located in the Atwater Valley, Lloyd Ridge,and Desoto Canyon areas in the Gulf of Mexico. The new deepwater development will utilize several advanced technologies developed by Aker Kvaerner's subsea company, Kvaerner Oilfield Products (KOP). The new solutions increase safety and efficiency and offers lower power requirements.

The Independence subsea umbilical system makes a step change in deepwater steel tube umbilical technology, using KOP's carbon fibre rod enhanced steel tube umbilical design.  It confirms KOP's position as the leading supplier of steel tube umbilicals worldwide.  The umbilical system will be manufactured and delivered out of KOP's umbilical plant in Mobile, Alabama.  Delivery is scheduled to end in 2006.

As part of the scope, KOP will deliver 12 control modules to be mounted on subsea Christmas trees, and two control modules for subsea manifolds.  Included in the contract is also a lease agreement under which Kvaerner Oilfield Products provides an integrated control system for well intervention and workover.

Raymond Carlsen, Executive Vice President - Subsea, stated, "Independence is one of the largest and most challenging developments in the Gulf of Mexico. This award signifies Aker Kvaerner's continued leadership position in the market for advanced subsea solutions. It is also an important affirmation of our investment in our Mobile, Alabama umbilical plant and industrial complex."

The Independence Hub, Mississippi Canyon Block 920, is the host for an initial 16 subsea wells belonging to the Atwater Valley Producers consortium which includes Anadarko's Jubilee, Spiderman, Atlas, Vortex and Mondo NW fields, Dominion's San Jacinto field and Kerr-McGee Oil and Gas Corporation's Meganser field. Future expansion is expected.
For further information, please contact:
Torbjørn Andersen, SVP Group Communications, Aker Kvaerner, Tel: +47 64 51 30 36 or Mob: +47 92 88 55 42

Raymond Carlsen, EVP, Aker Kvaerner, Tel: +1 713 683 2869 or Mob: + 47 45 411280
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kværner ASA, 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.

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