LNG terminal contract to Aker Kvaerner/ IHI consortium

The Cameron terminal will be the first large project to combine in one delivery Aker Kvaerner's expertise in regasification, engineering and construction management for LNG facilities and IHI's position as a market leader within design and manufacturing of LNG storage and processing systems. Engineering will take place primarily in Houston and involve approximately 125 personnel from both companies.

The head of Aker Kvaerner's LNG business, John Siffert said "It is pleasing to us that Sempra Energy has recognised our track record within the oil and gas and LNG regasification industry and partnership with IHI for excellence in delivering LNG tanks and terminals. We look forward to working with Sempra Energy who will benefit from an exclusive collaboration between two leading global EPC project delivery companies with a unique delivery model."

The Cameron development is the first new onshore LNG terminal that has been granted a Federal Energy Regulatory Commission (FERC) permit in the USA in over twenty years. The USD 700 million facility, scheduled to begin commercial operation in 2008 will process 1.5 billion cubic feet of gas per day and is an important part of Sempra LNG's strategy.  

Aker Kvaerner Inc. and IHI Inc. are the contract parties responsible for delivering the project.

For further information, please contact:

Torbjørn Andersen, SVP Group Communications, Aker Kvaerner. Tel.: +47 67 51 30 36, Mobile tel.: +47 928 85 542

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel.: +47 67 51 30 39
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, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 22,000 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.
Oil, Gas, Process & Energy executes technology development, engineering and construction services for industries as diverse as Oil & Gas Onshore and Offshore Developments, Chemicals & Polymers, Pharmaceuticals, Government Services, and Mining & Metals. Our broad range of technical expertise and program services has been molded to support the life cycles of the industrial and technology-based companies that form the backbone of our economy.
IHI ( Ishikawajima-Harima Heavy industries Co. Ltd.) is the joint venture partner on the Cameron LNG Terminal project and the largest global supplier of LNG onshore storage tanks / terminals and a leading supplier of other LNG technology and machinery. IHI has delivered over 100 LNG tanks globally over the past thirty years. Additional information about IHI can be reviewed on their  website http://www.ihi.co.jp

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