Skanska-Aker Kvaerner's share of this Alliance, valued at around GBP150 million over an initial five year period, will be carried out under a 50/50 joint venture arrangement.  There is the potential for a further five-year extension.

Under the Alliance, the joint venture will carry out the design, construction, installation and commissioning of non-infrastructure schemes such as treatment works for both clean water and wastewater across the Anglian region, in the East of England.  In addition, the joint venture will undertake a non-infrastructure design studies contract to develop best value solutions.  

This latest award follows the successful relationship that has developed between Anglian Water Services and the Skanska-Aker Kvaerner Joint Venture on over 50 contracts under its current AMP 3 Framework contract.

Bill Hocking, Managing Director, Skanska UK Civil Engineering, said, "Skanska is delighted to be part of this joint venture delivering the challenge of meeting the Anglian Water strategic targets of sustainable year-on-year efficiencies. This will be achieved through the innovative Alliance approach, which includes co-locating key staff from Alliance partners at AWS."

Mark Leggett, President, AK Engineering Services, said, "We are very pleased to continue our relationship with Anglian Water and build on the success of the AMP 3 framework we have been undertaking during the last five years in partnership with Skanska."

The Asset Management Programme project work commenced in February 2000 for a five-year period. The Joint Venture recently opened a dedicated multi-disciplinary project office in Peterborough to facilitate closer co-operation with Anglian Water and improve communication to the various sites.

The framework contractors are continuously assessed by Anglian Water on a range of Key Performance Indicators, including safety, quality, cost and schedule. The Skanska-Aker Kvaerner JV has maintained a consistently high score in all areas of assessment, particularly in safety performance.

ENDS

Tanya Barnes, Skanska  Tel: +44 (0) 1923 423 905
Sarah Weyell, AK Engineering Services Tel: +44 (0) 1642 343217

Torbjorn Andersen, SVP Group Communications, Aker Kvaerner Tel: +47 67 51 3036 Mob: +47 928 85 542

Lasse Torkildsen, Investor Relations, Aker Kvaerner Tel: +47 67 51 3039

Skanska UK Plc

Skanska UK Plc has net sales of £850 million and employs 3500 people.  The company operates under three business streams, combining design, building, civil engineering and building services with a wide range of specialist skills to provide integrated project solutions for its clients.

o        PFI/PPP Business Stream

o        Civil Engineering & Specialists Business Stream

o        Construction Business Stream

All Skanska UK Plc companies have attained certification to the management systems ISO 14001, ISO 9001 and OHSAS 18001 the company operates to the Skanska Code of Conduct, a copy of which is published on our website.

Skanska UK Plc is part of Skanska AB a global construction services group committed to finding innovative solutions for its clients. Combining global presence with local expertise, Skanska offers a broad range of services: from project development, to construction and facilities management. The Group currently has 70,000 employees and operations in 11 home markets. Sales 2003 totaled £10.1 billion.

Aker Kvaerner

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.

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.

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