Aker Kvaerner awarded subsea contract with Sonangol

31 August 2006 - Sonangol Pesquisa e Producão S.A. has signed a letter of intent with Aker Kvaerner for supply of the subsea production system at the Block 4/05 - Gimboa field offshore Angola in West Africa. The total contract value for Aker Kvaerner is approximately USD 68 million.

The scope of work for Aker Kvaerner Subsea covers project management, engineering, manufacturing, testing, delivery and installation support for the Gimboa subsea production system.

"We are proud to be awarded this contract with Sonangol, the national oil company of Angola, where we will use our already well-proven subsea production system technology. This will be the first offshore field Sonangol is developing as operator and will further strengthen the already good relationship between the two companies. We consider this contract to be of strategic importance to the growth of our activity in Angola" says Raymond Carlsen, executive vice president of Aker Kvaerner Subsea.

Aker Kvaerner has a long track record of projects in Angola, and has built up a well equipped base and supplier network to do a substantial part of the work in the country.

The subsea equipment will be installed at a water depth of 700 metres at the Gimboa field about 80 kilometres offshore the coast of Angola in West Africa.


ENDS

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, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting 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. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 23 000 people in more than 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 50 000 employees and NOK 80 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

Aker Kvaerner Subsea is a leading provider of a complete range of surface and subsea solutions for the oil and gas industry - from concept screening and design through manufacturing, fabrication and commissioning. Aker Kvaerner Subsea’s ability as a world-wide total system provider is backed by a wide portfolio of products which are maintained for the complete life of field. Aker Kvaerner Subsea’s capability is available for both new and existing fields either as individual activities or complete packages.

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

Contact Information

Renee Mead

Communications Manager

Aker Kvaerner Subsea

Contact via E-mail