Aker Kvaerner & Statoil Ink Gjoa Contract

Statoil and Aker Kvaerner has signed the contract worth approximately NOK 8 billion for the semisubmersible platform to be located at the Gjoa field offshore Norway. This is in accordance with the memorandum of understanding presented in Aker Kvaerner's disclosure to the Oslo Stock Exhange on September 29, 2006.

The scope of work to be performed by Aker Kvaerner will be detail design of topside and hull, procurement, construction and hook-up of topside, and mating of topside and hull. Detailed engineering will be headed from Aker Kvaerner's office in Oslo, and a significant part of the engineering hours will be carried out by Aker Kvaerner's engineering entity in Mumbai in India. In total, more than 500 Aker Kvaerner engineers will be mobilized to design the platform. Peak manning will reach approximately 2000 persons. The platform will be constructed at Aker Kvaerner Stord AS, who also is Statoil ASA's contract partner. Several Aker Kvaerner companies will deliver to Gjoa.

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