The field has been in production since 1990, and the new development includes a new gas production platform HZ21-1B for compression and dehydration of the gas, and a bridge connecting HZ21-1B with the existing HZ21-1A platform. The project also includes modifications to the HZ21-1A platform.

The detailed engineering work will be performed Aker Kvaerner's Singapore office and is scheduled to be completed in nine months.  At peak, approximately 60 staff will be involved in the project.

Aker Kvaerner has been active in China and Hong Kong for over 20 years on offshore platform and subsea pipeline projects. The new project is considered to be strategically important for Aker Kvaerner's Singapore office as it opens the door for more business in the China offshore oil and gas sector in association with COOEC.

The operator of the field is China National Offshore Oil Corporation China Limited (CNOOC), Agip, Chevron & Texaco (CACT) the facilities are located approximately 160km South East of Hong Kong. 

COOEC was awarded the main contract by CACT with Aker Kvaerner's Singapore office, Kvaerner E&C Singapore Pte Ltd as their nominated engineering subcontractor. 

END

Ravi Kashyap (Mr) - Direct Line No. (65) 6871-532, Mobile (65) 9119-4966
Operations Director, Aker Kvaerner - Singapore

M. Vilasini (Ms) - Direct Line No. (65) 6871-5141, Mobile (65) 9171-3789
Corporate Communications, Asia Pacific Region

Torbjorn Andersen (Mr) - Direct line (+1) 713 270 3618, Mobile (+1) 281 250 7286
Vice President, Group Communications, Aker Kvaerner

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 span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Power, Pharmaceuticals & Biotechnology, and Pulping. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries. The Aker Kvaerner group consists 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.

The Oil, Gas, Process & Energy (OGPE) business area of Aker Kvaerner specialises in the provision of process technology, design, engineering, project management, procurement and construction.  With an annual turnover of US$1.14 billion, the OGPE business employs more than 5,400 people operating worldwide.  It offers the complete range of services that are necessary to realise global projects from conception to start-up.  These services include a portfolio of advanced process technologies, a full range of engineering studies (including bankable feasibility and environmental studies), total project management, engineering and design, procurement, construction, commissioning and maintenance services.

 Aker Kvaerner Asia Pacific with regional headquarters in Singapore comprises a network of operations in Singapore, Malaysia, Thailand, Indonesia and India, serving the principal markets of the Asia Pacific Region. Key strengths include extensive local knowledge and resources combined with the ability to mobilise the appropriate expertise for all types of projects. Approximately 400 staff are involved in front-end engineering design, detailed engineering and project management for development projects as well as maintenance and operations support. In addition, Aker Kvaerner Asia Pacific also undertakes turnkey EPIC (Engineering, Procurement, Installation and Commissioning) Projects.

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