The contract was won by Aker Verdal through an international competitive bidding process, and is important to the yard in Verdal.

The contract is for the construction, load-out and sea-fastening of one flare and two bridges. The fabrication activities at Aker Verdal will start in August 2005 with delivery in March 2006.

Through this contract award, Aker Verdal has once again demonstrated its international competitiveness in the offshore market. Based on a large number of challenging jacket and heavy steel structure projects executed by Aker Verdal, the yard has developed a streamlined and efficient project execution model for this type of project.

- This contract is very important for us and is expected to engage about 80 people at the Aker Verdal yard, says Arnstein Ansnes, President of Aker Verdal.

ENDS

 

Arnstein Ansnes, President, Aker Verdal AS. Telephone: (+47) 90 03 41 66

Helge Rosenlund, Vice President Commercial, Aker Verdal AS. Telephone (+47) 91 75 78 66

Investor Relations:

AKER KVAERNER 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, Pharmaceuticals & Biotechnology, 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 Kvaerner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 35.6 billion and employs approximately 22,000 people in more than 30 countries.

 

AKER VERDAL AS, is within Aker Kvaerner responsible for engineering and building large steel constructions and steel substructures (jackets) for the offshore oil industry. Since Aker Verdal was established in 1970, it has also delivered a wide range of floating and fixed installations to the oil industry in the North Sea. 10 Semi-submersible platforms, 33 steel jackets, a large number of modules and decks, sub-sea templates, bridges, flare towers and a loading buoy is delivered.

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