Work has already started on the steel tube umbilicals totalling approximately 43 kilometres in length to be manufactured at Aker Kvaerner Subsea's facility in Moss, Norway. Delivery of the umbilicals is scheduled for the third quarter of 2007.

"This contract builds on our growing activity in the region and our position as the market leader in subsea steel tube umbilicals," says Raymond Carlsen, EVP Aker Kvaerner Subsea.

Rashid Petroleum Company is a public-private joint venture operated by Great Britain-based oil and gas major BG Group, which together with its sister company Burullus Gas Company, operates a network of 34 offshore natural gas wells. The company is the largest upstream natural gas operator in Egypt overseeing over 40% of the nation's daily gas production. Together with BG Group, the Egyptian Natural Gas Holding Company (EGAS) and Edison of Italy are shareholders in Rashid Petroluem Company.  

ENDS

 

 

Media:
Renee Mead, Communications Manager, Aker Kvaerner Subsea. Tel: +47 67 82 6859, Mob: +47 4641 1705

 

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:
Roger Lunde, Vice President, Global Supply Chain, Tel:+47 32859478

Career opportunities:
Visit  http://www.akerkvaerner.com/Careers

 

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, 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 41.4 billion and employs approximately 23 000 people in more than 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 50 000 employees and NOK 80 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

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