"I am very pleased to announce that we have signed the hook-up contracts for the Kashagan field. It is a significant milestone for Aker Solutions' international operations and demonstrates our strong foothold in the Caspian region. We have played a significant role in developing this field since 2004 and these hook-up contract awards demonstrate that we have succeeded in actively positioning ourselves for this target project in one of the world's richest regions of natural resources," says Simen Lieungh, president and CEO of Aker Solutions.

The awarded hook-up contracts are the follow-ups of the letter of intent and preliminary agreements signed between Agip KCO, Aker Solutions and Saipem in March 2007 for the early work activities for the hook-up.

Contract party from Aker Solutions is Aker Solutions Contracting AS for the field hook-up contract, and Aker Engineering and Technology AS for the engineering and job carding contract.

The Kashagan field, 80 km south-east of Atyrau is the first large-scale offshore petroleum development in Kazakhstan. The Kashagan field extends over an area of approximately 75 km x 45 km and is named after a 19th century Kazakh poet from Mangistau. The Kashagan field is considered one of the most important oil field discoveries in the past 40 years.

 

The North Caspian Operating Company (NCOC BV) acts on behalf of seven co-venture consortium partners as the operator appraising and developing the hydrocarbon assets of eleven offshore blocks defined under the North Caspian Sea Production Sharing Agreement (PSA) of 1997.

Assets within the 5 600 square kilometre PSA area include the Kashagan field, 80 km south-east of Atyrau, the first large-scale offshore petroleum development in Kazakhstan which should reach a plateau of 1.5 million barrels per day. Other assets include the Kalamkas, Aktote and Kairan fields.

NCOC is incorporated in the Netherlands with offices in Astana and Atyrau. All consortium members hold equity in accordance with their respective participating interests in the venture.

Approximate equity interests of the consortium partners are: KMG 16.81%, Eni 16.81%,, ExxonMobil 16.81%,, Shell 16.81%, Total 16.81%, ConocoPhillips 8.40%, INPEX 7.56%.

About Agip KCO

Agip KCO NV, a subsidiary of Eni SpA, performs operations under the North Caspian Sea Production Sharing Agreement dated as of 1997 under an agency agreement with North Caspian Operating Company B.V.

Agip KCO N.V. is responsible for the execution of Phase I (Experimental Program) of Kashagan offshore oil field development including achieving first commercial production, complying with the strictest international standards for safety and environmental responsibility.

In addition, Agip KCO NV is responsible for the project execution for the onshore facilities of Phase II of the Kashagan development.  

 

About Aker Solutions role in the Kashagan field development

Aker Solutions has played a significant role in the Kashagan field development; both in the Experimental Program headed by Agip KCO and in the full field development phase headed by North Caspian Operating Company (NCOC).

In the Experimental Program Aker Solutions has constructed and fitted several modules and carried out hook-up work. In joint venture with WorleyParsons and CB&I, Aker Solutions has a front end engineering and design (FEED) contract for the Phase II full field development of the Kashagan field.

For further information, please contact:

Jannik Lindbæk, SVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 977 55 622

Mariken Holter, VP Communications, Aker Solutions. Mob: +47 91 78 73 58

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact BA Global Sourcing Champion, telephone number found here: http://www.akersolutions.com/Internet/SuppliersCentre/Contacts/SupplyManagementContacts.htm.

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities. 

Aker Solutions' parent company is Aker Solutions ASA.  Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 23 000 people in about 30 countries.

Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.  

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