15 November, 2010 - Following notification that local government do not intend to proceed with the proposed Oakville Generating Station in Ontario, Canada, TransCanada Corporation (TransCanada) has terminated an agreement with Aker Construction Canada Ltd, a subsidiary of Aker Solutions, for the proposed natural gas-fired combined cycle power plant.

Aker Construction Canada Ltd. was awarded a notice to proceed by TransCanada for the construction of the facility pursuant to a joint venture with HDR Corporation and in cooperation with TransCanada. The CAD 400 million agreement was disclosed by Aker Solutions to Oslo Stock Exchange on 10 November 2009. Aker Solutions is now removing the contract value from its Process & Construction order backlog with effect from fourth quarter 2010.

ENDS

 

For further information, please contact:

Media:
Geir Arne Drangeid, EVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 977 55 622

Vanessa Mourant, VP Communications, Aker Solutions. Tel: +44 (0)20 8545 0270, Mobile: +44 (0)7771 806566

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 the relevant BA Global Sourcing Champion.

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 54 billion and employs approximately 22 000 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. Through its majority-owned holding company Aker Holding AS, Aker controls 40.27 percent of the shares in Aker Solutions, and takes an active role in the development of the company.  

Aker Solutions' Process and Construction business area is a global provider of onshore engineering, procurement, construction and commissioning services to the natural resources and energy markets. We supply niche process expertise with high technology and know-how content for projects across chemicals, polymers, gas processing and refining; mining and metals; onshore liquefied natural gas (LNG) terminals and storage; power generation; carbon capture; nuclear and water management. 

 

Aker Construction, Inc. is the union construction arm of Aker Solutions, and provides a full range of construction, maintenance and renovation services to the North American industrial sector. Our services are characterised by the highest standards of safety, quality, teamwork, innovation and cooperation, thus enabling us to respond to the needs of our customers and deliver on-time and in-budget performance. Direct hire union construction, maintenance and renovation services are provided to the power, steel, chemical, petro-chemical, and other industrial sectors in North America. In addition, Aker Construction provides construction management and project planning services to the above sectors on an international basis. 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)