Aker Kvaerner Awarded Volve Drilling and Production Risers

Statoil has awarded Aker Kvaerner an engineering, procurement and construction contract to deliver two drilling risers and eight production risers. The contract is valued at approximately NOK 90 million, excluding options, and positions Aker Kvaerner as a dominant player in the riser market.

The order is for two 130 meter drilling risers and eight 130 meter production risers with options up to seven more production risers. The engineering, concept and procurement will be executed in Aker Kvaerner's office in Oslo, Norway and the fabrication of risers will be carried out at Aker Kvaerner's highly specialized pipe welding unit in Verdal, Norway. The project commenced in November 2005 and the first riser will be delivered in October 2006, with subsequent deliveries finalised by July 2007.

"We selected Aker Kvaerner for their proven abilities in project execution," says Svein Loining, Statoil project manager for the Volve project.

"We are pleased to provide a fully integrated team, with specialist riser design and manufacturing expertise from across Aker Kvaerner, to deliver the best solution for Statoil," says Raymond Carlsen, executive vice president, Aker Kvaerner Subsea.

Aker Kvaerner has worked with Statoil since the company started exploring the North Sea in the early 1970s.

This contract was signed and booked in the fourth quarter of 2005.


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