Aker Kvaerner, ERSAI Land Kashagan Hook-up

An unincorporated Aker Kvaerner/ERSAI consortium has started early work activities for Agip KCO for the hook-up and commissioning of the first phase of the Kashagan field development in the Kazakhstan sector of the Caspian Sea. These activities lasts for three months are and are worth up to US$157 million.

In addition, Agip KCO and the Aker Kvaerner/ERSAI consortium have signed a letter of intent for a potential contract for the hook-up work for the first phase of the Kashagan field development.

Aker Kvaerner is currently constructing the process facilities for the first phase, called the Experimental Program, of the Kashagan field development project. "I'm extremely pleased to announce this letter of intent for the hook-up of the production facilities for the first phase of the Kashagan field development. It confirms our strong foothold in the region, a region which will continue to develop its huge natural resources rapidly," says Martinus Brandal, President & CEO in Aker Kvaerner.

The potential contract includes offshore hook-up and commissioning of the offshore facilities as well as inshore completion. In addition to the hook-up and commissioning of the process facilities, the offshore scope includes temporary living quarters for 1 200 people, offices for both the contractors and the client, tools and equipment as well as temporary barges for power generation, work air, tool sheds and warehouse.

Agip Kazakhstan North Caspian Operating Company (KCO) N.V., a company fully owned by Eni S.p.A., is the Operator of the appraisal, development and future production operations in the Kazakhstan sector of the Caspian Sea, including the giant Kashagan field, on behalf of seven international companies and under the North Caspian Sea Production Sharing Agreement (PSA).

Consortium companies: Eni S.p.A. (Agip Caspian Sea B.V. - Operator) 18.52%; JSC NC KazMunayGas (KMG Kashagan B.V.) 8.33%; ExxonMobil Kazakhstan Inc. 18.52%; Shell Kazakhstan Development B.V. 18.52%; Total E&P Kazakhstan 18.52%; ConocoPhillips (Phillips Petroleum Kazakhstan Ltd.) 9.26%; INPEX North Caspian Sea Ltd. 8.33%.

The Kashagan field, 80 km southeast of Atyrau is the first large-scale offshore petroleum development in Kazakhstan. Kashagan extends over an area of approximately 75 km x 45 km and is named after a 19th century Kazakh poet from Aktau. Kashagan is the largest oilfield discovered in the northern part of the Caspian Sea.

Aker Kvaerner and ERSAI Caspian Contractor LLC have formed an unincorporated consortium for the hook-up work, both offshore and inshore, with a revenue distribution of approximately 50/50. The actual distribution of revenue will vary from phase to phase depending on each contractor's scope. Contract partners to Agip KCO are Aker Kvaerner Engineering & Technology and ERSAI Caspian Contractor LLC.

Aker Kvaerner ASA is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation.

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