BREAKTHROUGH FOR AKER OILFIELD SERVICES IN BRAZIL

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`Our success in securing the worlds first deepwater SESV contract with Petrobras can be tributed to our company`s and partner`s unique ability to configure services integrating advanced maritime operations and high-tech subsea solutions` says Per-Ola Baalerud, President & CEO of Aker Oilfield Services.

The SESV concept was initially incepted by Petrobras and further developed by Aker Oilfield Services for operations in up to 2.000 metres water depth, undertaking a broad range of services related to subsea equipment intervention - traditionally performed by deepwater drilling rigs. The services to be provided under the contract are core to the Subsea Intervention business area of Aker Oilfield Services.The vessel to be used by Aker Oilfield Services for the contract will operate on a 100% basis for Petrobras with its operational base in Macaé in the state of Rio, Brazil.

The Petrobras SESV vessel currently under construction has been chartered from DOF Subsea ASA and is based on the Aker OSCV 03 design. It comprises new solutions developed by Aker Oilfield Services for effectively handling, testing, retrieving and installing subsea x-mas trees and related equipment in a safe and efficient manner in a challenging operating environment. Equipment and personnel for the SESV will, in addition to the company`s own resources, be delivered by Aker Kvaerner Subsea, Norskan and Odim.

`With the SESV project, Petrobras is once again demonstrating the company`s postion as a pioneer within the deepwater subsea segment, taking on new technology which challenges the established methods` Baalerud continues. `The capabilities developed for the Petrobras SESV concept is being incorporated in our fleet of subsea- and well intervention vessels, providing our customers up to 80% time-saving on deep water subsea operations compared to conventional rig-based operations` Baalerud finishes.

For further information, please contact: Geir Arne Drangeid, EVP, Aker ASA, tel: +47 913 10 458

Aker Oilfield Services is part of the Aker group and is owned by Aker, DOF Subsea and Aker Kværner.

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