Aker Kvaerner Wins Contract for DeepStar Study

DeepStar, a group consisting of 10 leading deepwater operators, has awarded Aker Kvaerner a contract for a study to develop a semisubmersible production platform for use in coming ultra-deepwater field developments. The study was won in competition with a number of deepwater floater expertise contractors, and Aker Kvaerner was awarded the contract based on the company's leading experience with deepwater floaters.

DeepStar wants to get a credible solution for future developments in ultra-deep water depths down to 10,000 feet. In addition to the development of the floating platform itself, the scope includes other critical aspects such as design of the risers that will bring the oil and gas from the well to the surface. It also includes installation methods for mooring systems and risers.

The study is scheduled to be completed within December 2004. Aker Kvaerner Oil, Gas and Process International Inc. in Houston will be responsible for the contract, drawing on the expertise from the entire global Aker Kvaerner group. Key partners in executing this semisubmersible study are Stress Engineering Services in Houston and Aker Kvaerner's subsidiary Aker Marine Contractors, specializing in marine operations and installation.

"This award underlines our strong position in the semisubmersible production floater market segment in general and the ultra-deepwater Gulf of Mexico semisubmersible market segment in particular. The Aker Kvaerner Deep Draft Semisubmersible (DDS), which we have spent the last three years developing, will form the basis for this study", said Knut Eriksen, Senior Vice President of Aker Kvaerner's deepwater business unit.

"This award represents a recognition of this dedicated development work and is a step in the process of making Aker Kvaerner the premier contractor for ultra-deepwater semisubmersible production floaters", said Risto Neuvo, President of Aker Kvaerner's deepwater business unit.

DeepStar Phase VII Participants are Anadarko, BP, ChevronTexaco, ConocoPhillips, Eni, Kerr-McGee, Marathon, Petrobras, Total and Unocal. DeepStar is a leader in the development of technologies to meet the industry's deepwater business needs including a focus on production systems for 10,000 ft water depth.

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