Aker Kvaerner Deepwater Completes First Deep Draft Semisubmersible for Blind Faith Platform

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11 September 2007 - Aker Kvaerner has successfully completed the semisubmersible hull for Chevron's Blind Faith platform. The original engineering, procurement and construction (EPC) contract was awarded to Aker Kvaerner, Inc. by Chevron, with partner Anadarko, in October 2005. The semisubmersible left the Aker Kvaerner Verdal yard in Norway on 24 June 2007 and has been transported to a Gulf of Mexico integration yard to be outfitted with the topsides.


The Blind Faith platform was the first use of Aker Kvaerner's deep draft semisubmersible (DDS) concept, which was conceived specifically for the application of steel catenary risers in the ultra-deepwater and current-heavy Gulf of Mexico environment. Evolved from the company's decades of experience in designing semisubmersible hulls, the DDS four-column ring pontoon semi represents a strong evolution of Aker Kvaerner semisubmersible lineage.


"The successful completion of the Blind Faith semisubmersible is an important milestone for Aker Kvaerner's deepwater business. This project provided Aker Kvaerner with the opportunity to demonstrate our ability to deliver a first-class deepwater project in a safe manner," said Stein Rasmussen, president of Aker Kvaerner Deepwater business. "As always, we take great pride in the opportunity to work in the Gulf of Mexico."


Committed to the Aker Kvaerner Just Care(TM) health, safety and environmental programme, the project team worked more than 1.5 million hours on the project, ensuring safety and quality at every stage of the project, especially at the construction site. The project was completed with a total accumulated total recordable incident frequency (TRIF) of 1.22. Aker Kvaerner required its own staff to follow strict HSE principles, and insisted that its vendors and subcontractors demonstrate and perform to the project HSE requirements.


Before leaving the yard for its final destination, the Blind Faith hull was named Frøya at a traditional naming ceremony at the Aker Kvaerner yard. Aker Marine Contractors managed the dry transportation of the semisubmersible to the Gulf of Mexico utilizing the HLV Tern from Dockwise as transport vessel, and will coordinate installation at its final location. Once complete, the Blind Faith platform will be located in Mississippi Canyon block 650, approximately 162 miles southeast of New Orleans, which is part of the ultra-deepwater Gulf of Mexico in 6,500 feet water depth.


ENDS
For further information, please contact:

Media:

Wendy Hagan, Communications Manager, Aker Kvaerner, Inc. Tel.: +713 981 2071
Stein Inge Liasjo, Vice President of Communications, Aker Kvaerner Field Development. Tel.: +47 (67) 51 30 94


Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39


Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact Stan Bogiel, Vice President Global Supply Chain Management. Tel.: +1 713 270 2519
 


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 comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in 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. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 23 000 people in about 30 countries.


Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.1 per cent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.
 
Aker Kvaerner Field Development is a multidisciplinary and technology-based business area covering all technical and management functions for carrying out development of oil and gas fields worldwide, from wellheads to receiving terminals.
 
Aker Kvaerner, Inc. is a leading provider of technology-based project solutions to the upstream oil and gas market, both onshore and offshore. Headquartered in Houston, the company supports projects in various areas, including oil and gas processing, LNG regasification, deepwater and gasification/syngas. Services include technical and commercial feasibility studies, conceptual and front-end engineering design, detailed engineering, procurement, construc­tion, and project management.


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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