Aker Kvaerner Wins Work on the Indian Continental Shelf

Aker Kvaerner has signed a letter of intent with Aker Floating Production to deliver a complete subsea production system for a customer in India. Aker Kvaerner will also deliver the marine installation of the floating production storage and offloading (FPSO) vessel to be leased out by Aker Floating Production ASA. The total value of Aker Kvaerner's contracts is approximately US $250 million.

Aker Kvaerner is scheduled to install the FPSO and mooring system and deliver the subsea production system by February 2008. The subsea production system will be installed at 1100-1400 meters water depth and includes trees, manifolds, controls and umbilicals.

"It is the unique combination of capabilities within the Aker Group that has secured the very important letter of intent. We are very excited about the future market potential that the Indian continental shelf represents for Aker Kvaerner and the rest of the Aker Group", says Martinus Brandal, CEO & President of Aker Kvaerner.

Aker Kvaerner Subsea will supply the subsea equipment and Aker Marine Contractors will be responsible for the installation of the FPSO and subsea equipment. Aker Kvaerner Pusnes will deliver equipment for the mooring and offloading system to the FPSO.

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