English

Kerr-McGee deal brings first-quarter contracts success to GBP 50 million

Report this content
Aker Kvaerner Offshore Partner (AKOP) has just concluded a deal with Kerr-McGee to provide engineering, construction and support services to Kerr-McGee's assets in the North Sea. The contract is initially for two years, with three further 12-month options.


Kerr-McGee operates two FPSOs (floating production, storage and offloading facilities) in the Leadon and Gryphon oil and gas fields, as well as the Janice 'A' FPU (floating production unit). AKOP will supply a dedicated team of engineering, construction and support services personnel for all three facilities, with additional personnel being provided as required.


In January, AKOP also agreed a five-year contract to provide engineering, construction and support services to BG Group's Armada platform, 250km north east of Aberdeen. The company has since signed two further high-value deals.
With the addition of the new agreement with Kerr-McGee, the combined value of the four major contracts secured by Aker Kvaerner Offshore Partner in the first three months of 2004 is GBP 50 million. Managing Director, Harald Gulaker says it represents the company's best first-quarter period for several years: "Our recent restructuring is paying dividends in terms of competitiveness.


"Both the Kerr-McGee and BG Group deals comprise work that was previously split into several contracts held by our competitors. We have put a great deal of effort into ensuring that we are best placed to cater to the changing requirement of operators, and that work is now bearing fruit."


Aker Kvaerner Offshore Partner Ltd. is one of five Aker Kvaerner companies with headquarters in Aberdeen. The others are: KOP Ltd., Aker Kvaerner Operations, KPS Paladon, and Maritime Hydraulics UK.


ENDS
For further information, please contact:
Media:
Paul Davis (01224) 632277
Investor relations:
Tore Langballe, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 31 06


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


MMO Europe (Maintenance, Modifications and Operations) is responsible for the Aker Kvaerner's MMO competencies and capacities, serving the Norwegian and UK Continental Shelf, and supporting selected international initiatives. The core competencies are turn-key deliveries offshore modifications, long term on- and offshore modification and maintenance contracts, inspection, operation and operations support, offshore removal and de-construction and subsurface advisory. MMO Europe has approximately 6,000 employees, including 2,600 engineers.
 
Aker Kvaerner Offshore Partner Ltd is a leading provider of world-class solutions in total "life-of-field" support services to the oil and gas industry. Aker Kvaerner Offshore Partner Ltd's engineering and design capability extends from front-end consultancy through operations and maintenance support, to decommissioning. Headquartered in Aberdeen, the Group's `centre of excellence' for all UK operations, Aker Kvaerner Offshore Partner Ltd. employs 1,000 personnel and offers extensive experience of value-added solutions that have produced significant cost savings, faster project delivery and greater long-term value to our customers.
THIS PRESS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES NOR SHALL IT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, AND THERE SHALL NOT BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
FOR THE PURPOSE OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 OF THE UNITED KINGDOM (THE "FSMA"), TO THE EXTENT THAT THIS PRESS RELEASE CONSTITUTES A FINANCIAL PROMOTION IN RESPECT OF THE ISSUE OF ANY SECURITIES, ANY INVITATION OR INDUCEMENT TO ENGAGE IN ANY INVESTMENT ACTIVITY INCLUDED WITHIN THIS PRESS RELEASE IS DIRECTED ONLY AT (I) PERSONS WHO ARE INVESTMENT PROFESSIONALS WITHIN THE MEANING OF ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2001 (AS AMENDED) OF THE UNITED KINGDOM (THE "FINANCIAL PROMOTION ORDER"); OR (II) PERSONS WHO FALL WITHIN ARTICLES 49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC.") OF THE FINANCIAL PROMOTION ORDER; AND (III) ANY OTHER PERSONS TO WHOM THIS PRESS RELEASE CAN OTHERWISE LAWFULLY BE MADE UNDER SECTION 21 OF THE FSMA (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"), AND MUST NOT BE ACTED ON OR RELIED UPON BY PERSONS OTHER THAN RELEVANT PERSONS. ANY INVITATION OR INDUCEMENT TO ENGAGE IN ANY INVESTMENT ACTIVITY INCLUDED WITHIN THIS PRESS RELEASE IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES.

Subscribe