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Aker Kvaerner wins major contract in Vietnam

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6 September 2007 - Aker Kvaerner has been awarded a five year contract by Cuu Long Joint Operating Company (CLJOC) for the supply and installation of surface wellheads and valve trees in the Vietnamese Cuu Long Basin. The contract, valued at approximately NOK 300 million, is by far the largest for surface business in Vietnam.


Aker Kvaerner's business area Subsea will supply the wellhead and control tree system as well as associated components.  The equipment will be used to support the new Sutu Vang (Golden Lion) and Sutu Den (Black Lion) fields of the Cuu Long Basin.


"This award represents an important stepping stone for Aker Kvaerner as we further develop our surface business stream in Vietnam," says Dave Hutchinson, vice president for surface products and services in Aker Kvaerner Subsea. "It is in line with our strategy of becoming the leading supplier of surface wellheads and trees in the Asia - Pacific region."


With the rapid development of multiple industries, Vietnam is facing an energy shortage. Jointly operated by PetroVietnam, Conoco Phillips, KNOC and GEO Petrol, CLJOC is special purpose venture created to develop and operate Block 15-1 offshore Vietnam.  


"Performance at Cuu Long is critical to ensure we meet the future energy demands of Vietnam," explained Philip Webb, Deputy General Manager of CLJOC. "We are committed to this project and to providing energy for our people's future."


Project management and manufacturing will be performed at Aker Kvaerner's subsea facility in Batam, Indonesia.


ENDS
 
For further information, please contact:
Media:
Dave Hutchinson, vice president surface products and services, Aker Kvaerner Subsea, Singapore.  Tel:  +65 68 80 97 40   , Mob: +65 96712915


Endre Johansen, Communications manager, Aker Kvaerner Singpore. Tel: +47 22 94 58 91, Mob: +47 416 10 605
 
Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39
 
Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact
Harald Grieg Riisnaes
, vice president global supply chain Norway, +47 67 82 68 18.
 
 
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 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.


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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