Aker Kvaerner Strengthens its Position in Deepwater Installation Market

Chevron with partner Kerr-McGee has awarded Aker Kvaerner a contract for marine operations for installation of the Blind Faith platform in the Gulf of Mexico. The contract value is estimated to approximately USD 35 million.

The new contract will be executed by the Aker Kvaerner company Aker Marine Contractors, and includes installation of a mooring system, topside transport, transportation and installation of the Blind Faith semisubmersible platform as well as hook up of the risers of the Aker Kvaerner company.

President of Aker Marine Contractors, Torgeir Ramstad comments, "This contract award confirms the competitiveness of Aker Marine Contractors in the deepwater installation market. Aker Kvaerner has already been awarded the contract for delivery of the hull and mooring system. With the new, additional contract for this project, we will deliver a seamless solution for this important asset in close cooperation with the customer."

In October, Aker Kvaerner secured a contract for provision of the hull and mooring system for Blind Faith, in which Aker Marine Contractors plays a key role. In the new contract, Aker Marine Contractors will perform all engineering and construction activities related to transportation and installation of the Blind Faith platform. The platform will be located in the Missisippi Canyon block 650, situated approximately 162 miles southeast of New Orleans. The water depth at the field is 2 000 meters.

Aker Marine Contractors announced in August a five year charter agreement with Taubåtkompaniet for the specialised offshore construction vessel "BOA Sub C" (formerly announced as "BOA Deep C II"). This vessel will be used for the offshore installation activities for Blind Faith. "BOA Sub C" is expected to enter the market towards the end of 2006, and is a larger version of the sister vessel "BOA Deep C" which is currently operating in the Gulf of Mexico.

The project will commence immediately and offshore transportation and installation will be performed from September 2007.

Aker Marine Contractors has secured full market and operational control over the specialised offshore construction vessels "BOA Deep C" and "BOA Sub C" (formerly called "Boa Deep C II"). The agreement runs for five years with options for extensions up to four more years, and is expected to significantly enhance the company's position in the deep water subsea and floating production markets. "BOA Sub C" is currently being outfitted in Spain and is expected to enter the market at the end of 2006. This vessel will have enhanced capabilities making it an ideal tool for working with difficult assignments in particularly demanding or harsh environments. Subsea construction and installation work can be performed down to water depths of 3 000 meters, lifting payloads of up to 400 metric tons. The vessel has built in state-of-the-art systems and duplication of key equipment providing for generous safety margins under most conditions.


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