The subsea production system comprises 16 subsea christmas tree systems, five manifolds, production control system and umbilicals. Deliveries for the project will commence in May 2006 and will continue through 2007.

The Kikeh field, which is located in approximately 1350 meter water depth offshore Sabah in eastern Malaysia, is operated by Murphy in partnership with Petronas Carigali Sdn Bhd.

Kikeh is the first deep water development of its kind in Asia Pacific and is expected to be succeeded by several other developments in the region. Aker Kvaerner Subsea will perform a large portion of the engineering and manufacturing in Malaysia and also use local suppliers extensively.

"This award is a further acknowledgement of our deep water technology and represents an important stepping stone for the development of our presence in Malaysia," says Raymond Carlsen, President of Aker Kvaerner Subsea and Executive Vice President in the Aker Kvaerner group.

The previous Kvaerner Oilfield Products, Aker Kvaerner's specialised entity for subsea technology, changed name to Aker Kvaerner Subsea in July 2005.

The new contract will be booked as order intake for the second quarter, 2005.

ENDS

 

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

Jarl Kosberg, President, Aker Kvaerner Subsea Norway, Tel.: + 47 67 82 64 47

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. 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.

 

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