Memorandum of Understanding between HEISCO and Kvaerner Process Services

The memorandum of understanding relates to maintenance of equipment and instruments onboard Navy vessels; integration with navigation and communication systems; spare parts and supply programs for advanced maintenance and repair; and, provides for world class logistic support to the Kuwait Navy, Coast Guard & Allied Naval Fleet units in the Gulf Region as well as commercial fleet clients.


Teaming agreements formed between the two companies will provide the framework for collaboration in the upgrade of the shipyard. Once a defined scope of work is agreed upon a contract will be negotiated for project development.


END


For further information, please contact:


Media:
Torbjørn Andersen, VP Group Communications, Aker Kvaerner. Tel: +1 713 270 3618 or +1 281 250 7286


Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner, 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 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.


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. With an annual turnover of US$1.14 billion, Oil, Gas, Process & Energy (OGPE) business area of Aker Kvaerner employs more than 5,400 people operating worldwide.


Aker Kvaerner Public Sector
consults with national governments in the United States and world-wide. We provide project management, design, procurement, construction, operation and maintenance, quality assurance and inspection, oil and gas production and environmental control services on government contracts.


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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