Aker Kvaerner Wins Rosetta Phase 3 Subsea Umbilicals

Rashid Petroleum Company (Rashpetco) has awarded Aker Kvaerner a contract to supply five umbilicals to the Rosetta Phase 3 gas development in the Rosetta Concession, offshore Nile Delta, Egypt. The contract is valued at NOK 130 million.

Work has already started on the steel tube umbilicals totaling approximately 43 kilometers in length to be manufactured at Aker Kvaerner Subsea's facility in Moss, Norway. Delivery of the umbilicals is scheduled for the third quarter of 2007.

"This contract builds on our growing activity in the region and our position as the market leader in subsea steel tube umbilicals," says Raymond Carlsen, EVP Aker Kvaerner Subsea.

Rashid Petroleum Company is a public-private joint venture operated by Great Britain-based oil and gas major BG Group, which together with its sister company Burullus Gas Company, operates a network of 34 offshore natural gas wells. The company is the largest upstream natural gas operator in Egypt overseeing over 40% of the nation's daily gas production. Together with BG Group, the Egyptian Natural Gas Holding Company (EGAS) and Edison of Italy are shareholders in Rashid Petroleum Company.

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