GACIC signs Butanediol contract with Aker Kvaerner

The 300,000 man-hours project is being executed from Aker Kvaerner's Zoetermeer office in The Netherlands, using a combined team from the UK and Zoetermeer offices. The new plant will be based on technologies provided by Davy Process Technology, Huntsman Corporation and UOP. Aker Kvaerner commenced key activities, under an early works agreement last year, to ensure that the overall schedule is maintained. Plant start-up is expected in the fourth quarter, 2005.


The project is already under construction with major civil works being completed on site and on target.


Wim van der Zande, President, AK Process said: "Performance so far is good and this provides the strong foundation for another successful butanediol project from AK Process. Aker Kvaerner's HSE values and norms have been integral to the design phase and now also to the construction phase of the project."


This project is a part of the privately owned petrochemicals' complex being developed in Al Jubail by the Saudi International Petrochemical Company (SIPCHEM). The venture will use Huntsman Corporation's proprietary butane-to-maleic anhydride (MAH) technology to convert n-butane to maleic anhydride. The MAH will then be used for the production of BDO via Davy Process Technology's MAH-to-BDO technology.


BDO is one of the world's fastest growing chemicals used in the production of polybutylene terephthalate, thermoplastic polyurethanes, elastic fibres, pharmaceuticals, solvents, plant protection, coatings and electronic chemicals.


ENDS


For further information, please contact:


Media
Vanessa Mourant, Aker Kvaerner, London, UK: Tel : +44 (0)20 7339 1064 or Mobile: +44 (0)7771 806566


Investors Relations
Tore Langballe, Aker Kværner ASA, Oslo, Norway: Tel +44 6751 3106


Notes to Editors


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, Pulping and Shipbuilding. Aker Kvaerner has aggregated annual revenues of approximately USD 5.5 billion and employs around 28,000 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


AK Process
is a trading name of Aker Kvaerner Projects Ltd, the legal entity responsible for the execution of the work. AK Process is one of the core businesses of the Aker Kvaerner group in Europe. AK Process serves the chemicals and polymers, refining and onshore oil & gas industries. It provides the full life cycle of a project from concept studies, through to design, engineering, project management, delivery of process technologies, procurement, construction and maintenance services. As a pure project execution/EPC specialist, AK Process can provide customers with strategic 'one-off' services or full turnkey solutions under a single project management control.


We work with our customers in the development of major technological innovations, having participated in the conceptualisation and implementation of ideas, which are the foundation for world-class production facilities.


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


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