Aker Kvaerner contract for Statoil’s Gjøa field

25 January 2006 - Aker Kvaerner has been awarded a contract for front end engineering design of the floating production unit for Statoil’s Gjøa project in the North Sea west of Florø. The field development will be based on a semi-submersible production facility for 380 meters waterdepth. The NOK 60 million engineering work will be performed by Aker Kvaerner Engineering & Technology in Oslo. 25 Jan 06




The engineering work will start immediately and continue through September 2006. Approximately 100 engineers will be working on the study at peak manning.

"We are very enthused by winning the front-end design work for the Gjøa platform. In the world market for oil & gas contractors, Gjøa is considered a strategically important project for Aker Kvaerner underpinning our position as a leading supplier of floating production platforms. This is once again a recognition of our competence and experience within this field, following our successful delivery of the Kristin semi-submersible to Statoil" says executive vice president Simen Lieungh in Aker Kvaerner.

The objective with the front end engineering is to provide the best possible basis for the owners’ sanction process, develop all technical documentation for the plan for development and operation (PDO) application to the authorities. The work will also form the technical basis for subsequent engineering, procurement and construction type contracts for the semi-submersible platform.

The Gjøa reservoir was proven in 1989 in the Fensfjord formation and contains gas with a relatively thin oil zone. Gjøa is operated by Statoil in the development phase and Gaz de France in the operation phase. Statoil has a 20 percent ownership in the field. The other owners are Gaz de France (30 percent), Petoro (30 percent) and Norske Shell (12 percent) and RWE Dea Norge (8 percent).

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 35.6 billion and employs approximately 22,000 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 40 000 employees and NOK 60 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 Engineering and Technology has about 800 employees and their main office is located at Lysaker near Oslo. The company has extensive experience and competence within development of technology and concepts, in addition to execution of larger projects. AK E &T has been involved in the development of most oil- and gas fields on the Norwegian Continental Shelf. The company has also played an active role in several terminal and onshore projects in Norway. AK E&T is presently involved in several international projects based on their competence and products, such as LNG terminals.

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

Alf Terje Myklebust

Aker Kvaerner ASA

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