Petroplus Refining Teesside awards overhaul contract to Aker Kvaerner

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN OR INTO THE UNITED STATES.


Key in securing this opportunity has been the ability to challenge historic ways in which people have engaged in the provision of turnaround services. Planning and preparation for the project commences immediately, with the production stop being scheduled for summer 2004.


"Our proven track record of nearly 100 successful events in the past seven years demonstrates extensive knowledge and experience in the overhauls market. And we look forward to executing a successful and timely production stop for Petroplus," said Malcolm Oliver, President of AK Engineering Services.


Dave Pinder, Production Stop Project Manager, Petroplus Refining Teesside Ltd, added, "The selection of AK Engineering Services was clearly based on the consideration of numerous factors. However their ideas on how to achieve a genuine client / contractor integrated project team combined with their long term ideas on how to reduce the cost of future overhaul preparations were of particular interest to Petroplus."


ENDS


For further information please contact:
Vanessa Mourant, Aker Kvaerner, London, UK: Tel: +44 (0)20 7339 1064, Mobile: +44 (0)7771 806566


Sarah Weyell, Aker Kvaerner, Stockton-on-Tees, UK: +44 (0)1642 602221


1. 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 spans a number of industries, including Oil & Gas production, Refining & Chemicals, Pharmaceuticals & Biotechnology, Mining & Metals, Power, Pulping and Shipbuilding. Aker Kvaerner has aggregated annual revenues of approximately USD 6 billion and employs around 28,000 employees in more than 30 countries. The Aker Kvaerner group consists of many legally independent entities, constituting their own separate identities. Aker Kvaerner is used as the common brand or trademark for most of these entities.


2. AK Engineering Services is the trading name of Aker Kvaerner Engineering Services Ltd., and one of the core businesses of the Aker Kvaerner group in Europe. It provides total asset life cycle solutions including conceptual design, engineering, procurement, project management, construction and commissioning, through to operation and maintenance services, modifications and process improvements. Also offered are consultancy services in reliability, business modelling and environmental, health, safety and risk management.


3. In 2000, Petroplus purchased the UK joint venture refinery on Teesside jointly owned by Phillips Petroleum and ICI PLC. The refinery, now known as Petroplus Refining Teesside Limited, or PRT, refines sweet, low sulphur North Sea Ekofisk crude oil. Petroplus Marketing Limited or PML is the sales agent for PRT and is one of the leading marketers of petroleum products in the UK.

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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