The maintenance and modification contract with BP will contain studies, engineering, pre-fabrication, installation offshore, commissioning and documentation. The agreement includes the Valhall centre (five platforms) plus the two flank platforms in the North and the South, the three Ula platforms, Hod and Tambar.

Aker Kvaerner Elektro will be an important collaborating partner for AKOP within the electro, automation and telecommunication disciplines.

Aker Kvaerner Offshore Partner has had the maintenance and modification responsibility for BP's Norwegian platforms since 1999, but for one year at a time. BP has now chosen to go for a two year EPCI contract with three options, each of two years. Aker Kvaerner Offshore Partner won the new framework contract in fierce competition, where health, environment and safety results, price and project execution models were considered. The extent of maintenance and modification work on BP's platforms has varied from year to year, but the manning requirement has for the last years been between 60 and 80 persons onshore and the same number offshore.

"We are very satisfied to have signed this Letter of Intent with BP Norway," says Mr. Tore Sjursen, President of Aker Kvaerner Offshore Partner.

"This confirms that we are competitive within our core businesses - and that we keep our substantial part of the maintenance and modification market. We have started an extensive improvement project in Aker Kvaerner Offshore Partner, which will contribute further to improve our competitiveness. Simultaneously we are developing our range of services, to be able to offer our customers new and better solutions," says Mr. Sjursen.

ENDS

 

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

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. 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 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 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.

 

MMO Europe (Maintenance, Modifications and Operations) is responsible for the Aker Kvaerner's MMO competencies and capacities, serving the Norwegian and UK Continental Shelf, and supporting selected international initiatives. The core competencies are turn-key deliveries offshore modifications, long term on- and offshore modification and maintenance contracts, inspection, operation and operations support, offshore removal and de-construction and subsurface advisory. MMO Europe has approximately 6,000 employees, including 2,600 engineers.

Aker Kvaerner Offshore Partner AS is a turnkey contractor for the on- and offshore oil and gas industry. The company is engaged in front end studies, field development with new platforms and modifications to existing platforms, maintenance, modifications and operations contracts, field decommissioning and removal. Further information is available at internet www.akerkvaerner.com. Offshore Partner has 2200 employees; 1400 engineers and administrative personnel and 800 labour. Total revenue year 2003 was 3,5 billion NOK. The head office is located in Stavanger with regional offices in Bergen and Trondheim. Offshore Partner hold two subsidiary companies, Aker Møre Montasje and Aker Inspection & Consulting.

 

Aker Kvaerner Elektro is a complete EPC supplier of electrical, instrument and telecommunications (EIT) to customers in the oil and gas processing industry onshore and offshore. The company possesses wide experience and expertise in its field and have a staff of 1,700 dedicated professionals committed to delivering optimum solutions. Aker Kvaerner Elektro is geographically co-located with our customers, and our goal is to create trust and long-term relations through being reliable, competitive, deliver quality and meet our customers' expectations.

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