Statoil Taps Aker Kvaerner to Modify Norne FPSO

Statoil has awarded Aker Kvaerner a contract for modification of the Norne FPSO topside for tie-back of the Alve satellite field. The contract is a full EPCI contract including engineering and procurement, through construction to installation. The contract value is approximately NOK 390 million and project completion is scheduled for March 2009.

The contract for the Norne - Alve modification project awarded by Statoil to Aker Kvaerner will be managed by Aker Kvaerner's regional office in Bergen, Norway. Part of the engineering work will be performed at Aker Kvaerner's regional office in Stjordal, Norway. Design and procurement work has started subject to a Letter of Intent received 5 January 2007 and pre-fabrication of steel and piping will start in August 2007 at Aker Kvaerner workshops. The offshore installation work is planned for execution during 2008.

Maintenance and modification services is one of the core competencies of Aker Kvaerner, and is a key strategic area for the company in the North Sea and internationally. Aker Kvaerner has broad knowledge and experience within this market segment through long term contracts and execution of modification projects for the operating companies in the North Sea.

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