"We are very pleased to have finally reached a mutually acceptable settlement of this litigation, so that both companies can dedicate their full resources to serving our customers and advancing technology in the oil and gas industry", states Raymond Carlsen, President of Kvaerner Oilfield Products.

"Cameron's patented SpoolTree design has won a number of industry awards and has been a commercial success," says Jack B. Moore, president of Cooper Cameron's Cameron division. "We welcome Kvaerner Oilfield Product as the latest subsea tree manufacturer to license this unique technology, and we look forward to our shared participation in the continued growth of the subsea market."

For further information:

Kvaerner Oilfield Products: Vicki Williams, Vice President Marketing and Communications,

713-685-5739

Aker Kvaerner is a leading global provider of engineering and construction services, technology products and integrated solutions. Group activities span a number of industries including Oil and Gas upstream and downstream, Process, Pharmaceuticals, Metals, Power, Chemical Pulping, Environmental and Shipbuilding. Aker Kvaerner is a multi-local group of businesses with nearly USD 6 billion of annual revenues and approximately 34,000 employees in more than 30 countries.

Kvaerner Oilfield Products and the Cameron division of Cooper Cameron are worldwide leaders in the supply of subsea equipment and support to the oil and gas industry.