Aker Kvaerner secures contracts for Pusnes equipment for Arctic shuttle tankers.

6 August 2007 - Aker Kvaerner has been awarded contracts from Russian Admirality Shipyards to supply equipment for two shuttle tankers destined to operte in Arctic waters.  The contracts include bow loading systems and complete mooring and emergency towing systems. The total contract value for Aker Kvaerner is approximately NOK 40 million.

The equipment is designed for the extreme low temperature conditions in the Arctic areas. The vessels are being built for the Russian Shipowner Sovcomflot to service the Prirazlomnaya field in the Pechora sea.

Leif Haukom, President of Aker Kvaerner Pusnes, commented: "The award of these contracts confirms the strong position Aker Kvaerner has for supply of advanced loading systems for the challenging environmental conditions in the arctics. Pusnes systems are dominant in this area and have also been delivered for other Russian shuttle tankers servicing the Sakhalin and Varandey fields".

The bow loading system will be of the latest arctic version with completely oil spill-free connection and disconnection of the offloading hose for environmental protection.

Pusnes offloading systems have previously been delivered to the Prirazlomnaya platform and Aker Kvaerner Pusnes is currently completing the commissioning of offloading system for the Varanday export platform.

All the equipment will be manufactured in Europe. Delivery for the shuttle tankers to Admiralty Shipyards will take place in September 2008 and January 2009.

For further information, please contact:
Siw Anett Enerud, Communication manager, Aker Kvaerner Products & Technologies. Tel: +47 22 94 71 92 Mob: +47 951 93 415
Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 30 39
For further information about sourcing and potential subcontracts for this project, please contact Richard Reynolds, vice president global supply chain. Tel.: +44 1224 424868

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 Pusnes is a world leader in design and supply of all types of deck machinery and mooring systems for marine and offshore applications. Aker Kvaerner Pusnes also develops Bow Loading Systems (BLS), equipment enabling shuttle tankers to receive and secure a mooring line and hose from an offshore production facility for loading of load crude oil. Aker Kvaerner Pusnes is also experienced in Stern Offloading Systems (SOL), equipment installed at the stern of an FPSO/FSO enabling transfer of the mooring line and hose to a shuttle tanker for loading of crude oil.

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